Management of competitiveness and economic performance based in the V4 countries

Abstract

The economic condition and competitiveness is currently a highly discussed issue and it is necessary to confront individual countries. In a period characterized by economic dynamics, economic growth, the sustainability of economic development, it is common that most countries are concerned with the study of indicators that can help them to understand their economic situation. This paper focuses on the competitiveness and economic performance of the V4 countries based on two selected indicators – Global Competitiveness Index and Gross Domestic Product growth rate in the period from 2002 to 2016. The countries of the Visegrad Group do not only share a common Central European space, apart from geographic location, but they are also linked with history, culture, values, priorities and interests to strengthen stability in the Central European region. The aim of this study is to assess the development of the V4 economies and to define the degree of homogeneity of the Global Competitiveness Index and the rate of GDP growth between Slovakia, the Czech Republic, Hungary and Poland. To meet the main goal, selected indicators were subjected to an analysis of their development in the set period and their mutual confrontation was carried out. For analysis of variances, we used statistical method ANOVA. Countries of Visegrad Group are linked by significant factors from social areas, but each country faces different economic problems, which determines their economic status and position in the world. Based on the results, the Czech Republic records the most significant differences in the GCI index compared to other V4 countries. The study agrees with the arguments that the Czech Republic is the most successful country within the Visegrad Group. The benefit of the article reflects the perception of the V4 countries from an economic point of view, which is not conditioned by the common characteristics of this group. The analysis absorbs possible skewed speculation and encourages further research that may be dealt with in the future by other macroeconomic indicators within the Visegrad Group.