Economic impacts of the COVID-19 pandemic on the national economy of the Czech Republic

Abstract

The paper deals with the analysis of the impact of Covid-19 on the economy of the Czech Republic. The Covid-19 pandemic is an extreme burden and crisis for our economy, and not just ours. The health crisis spilled over into the economic crisis at lightning speed. The paper focuses on analyzing and evaluating the effects of the Covid-19 pandemic on the economy of the Czech Republic. The author's team focused on two variables, namely gross domestic product and unemployment in the Czech Republic. The dependence of macroeconomic variables is investigated through one of the primary statistical analysis methods - regression analysis. The paper aims to propose a model that explains the relationship between these two variables in the conditions of the Czech Republic through empirically determined data on the level of gross domestic product and unemployment. Based on this model, it will be possible to estimate/predict the further development of unemployment depending on the expected development of GDP. Attention will also be paid to estimating whether and, if so, how the described relationship is changing in connection with the current development of the Czech economy during the ongoing Covid-19 pandemic. Copyright © 2022, AIDIC Servizi S.r.l.