Impact of COVID-19 on Economy of Czech Republic presented by Magic Quadrangle

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F26482789%3A_____%2F21%3A10152317" target="_blank" >RIV/26482789:_____/21:10152317 - isvavai.cz</a>
Result on the web
<a href="https://drive.google.com/file/d/1FNzI-s_EVrS3jV5zH6gK-9ibEuqMudUs/view" target="_blank" >https://drive.google.com/file/d/1FNzI-s_EVrS3jV5zH6gK-9ibEuqMudUs/view</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Impact of COVID-19 on Economy of Czech Republic presented by Magic Quadrangle
Original language description
The success of government macroeconomic policy assessed by a special indicator known as a "Magic Quadrangle" is measured by the size of the area reflecting values of four macroeconomic indicators - the growth of real GDP, the rate of unemployment, the rate of inflation and the trade balance. The assessment of the success of government macroeconomic policy is influenced by the choice and construction of four indicators and should be interpreted carefully. The quadrangle of the Czech Republic in years 2019, 2020 and 2021 shows a critical decline in the size of the quadrangle caused by the COVID-19 in the year 2020 reflecting thus the negative impact of the crisis. The forecast for the year 2021 is optimistic, nevertheless, it uncovers the main weakness of the Magic Quadrangle. When ignoring the government finance, namely the general government balance and the general government debt, the Magic Quadrangle is biasing the assessment of the economic situation of a country and the forecasted values. The numbers forecasted for public finance in 2021 and the following years in the Czech Republic are shocking. A huge deficit in the government balance and high public debt will, without doubt, influence the values of all four indicators in the Magic Quadrangle.
Czech name
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Czech description
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Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 15th International Conference Liberec Economic Forum 2021
ISBN
978-80-7494-578-6
ISSN
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e-ISSN
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Number of pages
8
Pages from-to
639-646
Publisher name
Technical University of Liberec
Place of publication
Liberec
Event location
Liberec
Event date
Aug 13, 2021
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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