Abstract
Research background: The global SARS-CoV-2 pandemic is unprecedented for human society. Despite the continuing uncertainty about the future, it is certain that the global consequences of the pandemic will have many dimensions. Among others, the economic impacts are extremely significant. However, the sudden slowdown in economic activity, the declared quarantines, and the state of emergency have many specific impacts in individual countries. The Czech economy (as well as other countries in the world) was exposed to an unexpected exogenous shock. The data confirm that, in 2020, the decline in the performance of the Czech economy was the deepest in its history. Purpose of the article: The primary goal of this article is to analyze the macroeconomic performance of the Czech Republic during a pandemic crisis. However, we also research the impact of the pandemic on individual sectors of the national economy in the context of government measures. Methods: The analytical part of the article is processed on the basis of publicly available statistical data, economic analyses, and economic forecasts of renowned institutions. The derivation and argumentation of the conclusions are based on an empiric-inductive approach, methods of synthesis, and comparison. Findings and value added: The article maps the direct and mediated macroeconomic effects of the pandemic crisis in the reality of the Czech Republic. At the theoretical level, the aim of the article is to bring new knowledge to current economic theory, especially in the field of macroeconomics and sectoral analysis as well as the theory of public choice.
Highlights
The Covid-19 pandemic has plunged the world economy into a deep and globally synchronized crisis
We focus on key indicators of macroeconomic performance of economies: gross domestic product (GDP), employment of the population, the development of the price level, and the foreign balance
As shown in the following chart (Fig.1), the Czech economy has long grown above the European Union (EU) average
Summary
The Covid-19 pandemic has plunged the world economy into a deep and globally synchronized crisis. Compared to Italy or Spain, the Czech Republic was one of the less affected countries in the first wave of the pandemic (spring 2020). The adopted anti-pandemic measures affected almost two-fifths of the Czech economy. After easing the situation in the summer months, the government announced another lockdown in the autumn, which—in connection with the second and subsequent winter wave of the pandemic (with varying intensity of severity of measures)—lasted from October 2020 to June 2021. In the first week of September, the Czech Republic ranked among the most affected countries in Europe in terms of the number of newly infected individuals per million inhabitants, and at the threshold of 2021 it was even described as the most affected country in the world by a pandemic. From March 2020 to March 2021, this rate was 13% in the Eurozone whereas, in the Czech Republic, this value was more twice that amount
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