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The Economy of EU Member Countries in 2020 from Perspective of Magic Square

Author

Listed:
  • Lukas Cibik
  • Leon Richvalsky

Abstract

The aim of our article is to quantify the impacts of COVID-19 disease on four basic aggregate economic indicators, which are set in Kaldor's magic square in EU member countries in the year 2020, as well as to identify changes in the area of the square compared to the five-year average. The result of our article is the finding that, compared to the five-year average, the area of the magic square decreased by more than 15% in 2020 from the point of view of the entire EU. The drop in real GDP in 2020 is particularly significant. There is a general economic decline and economic recession in the EU, with significant disparities between individual countries. However, there is also one member country, Lithuania, which managed to increase the area of the magic square in 2020 compared to its five-year average.

Suggested Citation

  • Lukas Cibik & Leon Richvalsky, 2023. "The Economy of EU Member Countries in 2020 from Perspective of Magic Square," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 8, pages 3-21.
    • Handle: RePEc:bas:econst:y:2023:i:8:p:3-21
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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