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

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

The success of government macroeconomic policy assessed by a special indicator known as a &quot;Magic Quadrangle&quot; 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.

Název v anglickém jazyce

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

Popis výsledku anglicky

The success of government macroeconomic policy assessed by a special indicator known as a &quot;Magic Quadrangle&quot; 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.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

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Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

8

Strana od-do

639-646

Název nakladatele

Technical University of Liberec

Místo vydání

Liberec

Místo konání akce

Liberec

Datum konání akce

13. 8. 2021

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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