Research Paper on Impact of the COVID-19 Pandemic on Slovakia’s Business Climate

Description

Title: Impact of the COVID-19 Pandemic on Slovakia’s Business Climate

Abstract: The pandemic of COVID-19 has had a significant impact on the economic development of nations worldwide. It has exacerbated existing problems, increased the need for economic transformation, modernization, and qualitative development, and ushered in new technological reforms that have led to the emergence of new economic forms of business models, consumption, and policies at the state or local level. Numerous aspects of life, including economic activity and the individual decisions of economic subjects at the household, enterprise, and government levels, are still affected by the pandemic. In this article, we present the results of an analysis of the COVID-19 pandemic’s impact on small and medium-sized enterprises (SMEs) in the tourism, hotel, and food service industries (generally as one of the most affected by the pandemic). Because the automotive industry is the most important manufacturing sector in Slovakia, we also analyze the pandemic’s effects on this sector. Regardless of the sectors of the national economy in which they operate, SMEs are assumed to be a driving force of structural changes, employment growth, and economic expansion. In Slovakia, approximately 99.9% of all active businesses are small and medium-sized enterprises, which play a significant role in the success of the national economy. They are also a significant factor in cooperation with large corporations; in the case of Slovakia, the automotive industry stands out (it is an important part of the secondary sector). The analysis and evaluation of the impacts of the COVID-19 pandemic are conducted through a temporal and comparative analysis of selected economic and industrial indicators pertinent to the assessment of the pandemic’s impact on the Slovak business environment. It is an overview of the development process; the impact of the pandemic is primarily expressed through ratio indicators. The data representing the economic status quo prior to the pandemic (2019) serves as the basis for time analysis and comparison, while the ordinary period is represented by data characteristic of the pandemic period (2020, 2021). The results of the analysis indicate that the pandemic had a significant impact on employment and sales in the accommodation and catering industries; however, it had no effect on the number of defunct businesses, indicating the potential effectiveness of anti-pandemic measures as state aid for the business sector. The findings of this study may serve as a basis for the evaluation of introduced support programs (the evaluation of optimal combination and the impact of fiscal policies during a national/global economic crisis between assisting households, companies, state, and local governments) for mitigating the immediate effects of anti-pandemic measures, as well as programs to eliminate the long-term effects of the pandemic on Slovakia’s business environment. Evaluation of the impact of current crises also requires a situational analysis (problems such as the global failure of logistics chains due to the pandemic, inflation, the environmental and energy crisis, and migration due to war conflict and applied sanc- ion measures). In general, the pandemic was a significant burden for Slovakia, but it was also a valuable learning experience.

Keywords: COVID-19 pandemic; business environment; pandemic impact

Paper Quality: SCOPUS / Web of Science Level Research Paper

Subject: Economics

Writer Experience: 20+ Years

Plagiarism Report: Turnitin Plagiarism Report will be less than 10%

Restriction: Only one author may purchase a single paper. The paper will then indicate that it is out of stock.

What will I get after the purchase?

A turnitin plagiarism report of less than 10% in a pdf file and a full research paper in a word document.

In case you have any questions related to this research paper, please feel free to call/ WhatsApp on +919726999915