Prethodno priopćenje
https://doi.org/10.18045/zbefri.2022.1.17
Impact of Covid-19 pandemic on economic performance of European Countries
Marina Milanović
Milan Stamenković
Sažetak
Starting from the fact that the rapid spread of the SARS-CoV-2 virus and the
implementation of social distancing strategies have dramatically affected all
aspects of human lives at global, national, and micro levels, this paper focuses
on examining the impact of the COVID-19 pandemic on the economic
performance of selected European countries. To perceive and understand this
impact, the authors applied a complex research methodology based on the
combined application of suitable univariate and multivariate methods of
statistical analysis. The classification of 40 European countries into different
groups, in terms of the selected set of COVID-19 indicators in 2020, was
performed through hierarchical agglomerative cluster analysis, while statistical
evaluation of the quality of the obtained solution of a non-hierarchical
procedure, based on the k-means method, was implemented. The classification
consists of four clusters of countries identified as the “optimal” clustering
solution. The authors conducted the analysis and comparison of profiles of the
formed clusters of countries in terms of their average GDP growth rates in 2020
using the statistical methods of descriptive analysis and hypothesis testing. This
study reveals that a cluster of countries with a relatively “lower” severity of the
COVID-19 health consequences recorded a higher average GDP growth rate
compared to groups of countries that suffered more serious consequences and
vice versa. The obtained results, which indicate the connection between the magnitude of the negative health and economic consequences of the COVID-19
pandemic, can serve as additional support to policymakers in making decisions
aimed at mitigating pandemic impacts and crisis management.
Ključne riječi
Cluster analysis; COVID-19 indicators; GDP growth rate; European countries
Hrčak ID:
279912
URI
Datum izdavanja:
30.6.2022.
Posjeta: 666 *