Globalization and its impact on Slovak economy during corona crisis

Boris Kollar,Roman Hlawiczka,T. Kliestik

doi:10.1051/shsconf/20219201014

Abstract

Research background:The presented article analysis major impacts of corona crisis on global and subsequently Slovak economy. It divides major impacts into several basic categories. These categories are presented in the methods part of the article. First of all, we analyze and discuss economic impacts, subsequently shocks in supply and demand and at last impacts of policies. These categories contain wide literature research in order to offer complex overview of the topic. The results and discussion part offers comparison of three important economic indicators. Namely gross domestic product, inflation rate and unemployment rate in periods before, during and shortly after the corona crisis. Some of the selected countries play major role in global economy – China, United States and European union. Other selected economies have the most direct impact on Slovak economy like Germany, Czech Republic, Hungary, Poland and Austria. For complex overview, we also included results of Euro area and Italy as a country with the worst course of pandemic.Purpose of the article:Major purpose of presented article is description of major impacts of corona crisis on Global and Slovak economy. The need to shut down individual parts of economies and in some cases total lock down results in important damages. The article underlines these damages.Methods:Among the methods used in this article, the most important one have descriptively analytical character. We also used other methods of formal logic like analysis, graphic method, comparison and synthesis.Findings & Value added:Overview of the major corona crisis impacts on Slovak and global economy during corona crisis.

Highlights

We often come across with the term globalization
To be able to better understand its meaning, it is important to define the concept of internationalization, which can be considered a specific phase of globalization
The are divided into four basic subcategories in order to better understand consequences as a whole

Summary

Introduction

We often come across with the term globalization. To be able to better understand its meaning, it is important to define the concept of internationalization, which can be considered a specific phase of globalization. The whole concept of internationalization can be defined primarily as a process that takes place in several countries and includes processes such as the entry of companies into various foreign markets, the management of local subsidiaries, the management of international delegates and the management of crossborder business activities [1]. Internationalization in business is a multi-stage, complex process, the first step of which is to leave the familiar domestic environment. Such companies expand their operations first to the region, to the continent and to the whole world. The second form is a revolutionary development, in which many multinational companies bought companies after the opening of the Eastern market. Examples include the automotive industry Volkswagen-Škoda or Lenovo in the world of computers, which bought the IBM laptop store [2]

Methods

Results

Conclusion