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.

Keywords: competitiveness, economic performance, GCI, GDP, Visegrad Group, ANOVA

JEL Classification: F00, O57.

Cite as: Bacik, R., Kloudova, J., Gonos, J., & Ivankova, V. (2019). Management of competitiveness and economic performance based in the V4 countries. Marketing and Management of Innovations, 3, 73-88. https://doi.org/10.21272/mmi.2019.3-06

This work is licensed under a Creative Commons Attribution 4.0 International License

References

1. Baranik, M. (2003). Teoria a prax hospodarskej politiky. Trencin: TC – TECH. ISBN 80-88914-35-3.
2. Bartalosova, E. (2015). Rating of Innovation Performance and Competitiveness of the Visegrad Four in Comparison with the EU Member States. 17th International Scientific Conference on Finance and Risk 2015, Bratislava, Slovakia.
3. Bondareva, I., Tomcik, R. (2015). Porovnanie ekonomického rozvoja Slovenskej republiky a Ceskej republiky na zaklade indexu globalnej konkurencieschopnosti. Scientific Papers of University of Pardubice Faculty of Economics and Administration, 22(33), 6–15.
4. Bucher, S. (2018). The Global Competitiveness Index As an Indicator of Sustainable Development. Herald of the Russian Academy of Sciences, 88(1), 44-57. doi: 10.1134/S1019331618010082.
5. Cepel, M., Stasiukynas, A., Kotaskova, A., Dvorsky, J. (2018). Business EnvironmentQuality Index in the SME Segment. Journal of Competitiveness, 10(1): 21-40. DOI: 10.7441/joc.2018.02.02
6. Despotovic, D., Cvetanovic, S., Nedic, V., Despotovic, M. (2016). Economic, social and environmental dimension of sustainable competitiveness of European countries. Journal of Environmental Planning and Management, 59(9): 1656-1678.doi: 10.1080/09640568.2015.1085370.
7. Dudas, T. (2012). Vyvoj konkurencieschopnosti statov vysehradskej skupiny v rokoch 2001 – 2011 vo svetle medzinarodnych indexov konkurencieschopnosti. Journal of International Relations, 10(2): 58-71. [online, quoted to 02.07.2019]. Retrieved from http://fmv.euba.sk/RePEc/brv/journl/MV2012-2.pdf
8. Eurostat. (2016). Database. [online, quoted to 02.07.2019]. Retrieved from http://ec.europa.eu/eurostat/data/database
9. Financial Stability Report 2004. (2005). Bratislava: Narodna banka Slovenska, [online, quoted to 02.07.2019]. Retrieved from http://www.nbs.sk/_img/Documents/ZAKLNBS%5CPUBLIK%5CSFS%5CSFS2004.PDF
10. Gavurova, B., Vagasova, T., Kovac, V. (2016). Competitiveness Assessment of Slovak Republic Regions. European Financial System 2016. 13th International Scientific Conference of the European Financial Systems. Proceedings of the 13th International Scientific Conference. Ed. Krajicek, J., Nesleha, J., Urbanovsky, K., Brno, 2016, Jun 27 – 28, pp. 175+.
11. Gavurova, B., Balloni, A. J., Tarhanicova, M., Kovac, V. (2018). Information and CommunicationTechnology in the Role of InformationSystem of HealthcareFacility in the Slovak Republic. ECONOMIES, 6(3), articlenumber 47. doi: 10.3390/economies6030047.
12. Gordiakova, Z. (2011). Hodnotenie Konkurencieschopnosti Krajin. International Scientific Conference Young Scientists. [online, quoted to 02.07.2019]. Retrieved from http://www3.ekf.tuke.sk/mladivedci2011/herlany_zbornik2011/gordiakova_ zuzana.pdf
13. Habanik, J., Hostak, P. (2014). The competitiveness of regional economy and regional development. Economic and social development: 8th international scientific conference on economic and social development and 4th eastern European ESD conference: Building resilient economy. Varazdin: Varazdin development and entrepreneurship agency with University North, Koprivnica, 34-41.
14. Ivanova, E., Cepel, M. (2018). The Impact of Innovation Performance on the Competitiveness of the Visegrad 4 Conutries. Journal of Competitiveness, 10(1): 54-72. doi: 10.7441/joc.2018.01.04.
15. Ivanova, E., Kordos, M., Habanik, J. (2015). The competitiveness of V-4 Countries within the European Union. Actual Problems of Economics, 167(5), 39-49. ISSN 19936788.
16. Ivanova, E., Masarova, J. (2018). Performance evaluation of the Visegrad Group countries. Economic Research- EkonomskaI strazivanja, 31(1): 270–289. doi: 10.1080/1331677X.2018.1429944.
17. Kiselakova, D., Sofrankova, B., Cabinova, V., Onuferova, E. (2018). Competitiveness and sustainable growth analysis of the EU countries with the use of global indexes’ methodology. Entrepreneurship and Sustainability Issues, 5(3): 581-599. doi: 10.9770/jesi.2018.5.3(13).
18. Klikova, C. (2015). Competitiveness of Countries in Global Environment. 12th International Scientific Conference on Economic Policy in the European Union Member Countries. Ostravice, Czech republic.
19. Kljucnikov, A., Krajcik, V., Vincurova, Z. (2018). International Sharing Economy: the Case of AirBnB in Czech Republic. Economics & Sociology, 11(2): 126–137. doi: 10.14254/2071-789X.2018/11-2/9.
20. Kocisova, K., Gavurova, B., Behun, M. (2019). TheImportance of ImplementingEnvironmentalVariables in theProcess of Assessment of HealthcareEfficiencythrough DEA. Ekonomicky casopis, 67(4): 367-387.
21. Kordalska, A., Olczyk, M. (2016). Global Competitiveness and Economic Growth: A One-Way or Two-Way Relationship? In: Equilibrium-Quarterly Journal of Economics and Economic Policy, 11(1): 121-142. doi: 10.12775/EQUIL.2016.006.
22. Kotaskova, A., Rozsa, Z. (2018). The Impact of Selected Factors on the Quality of Business Environment Assessment in the Czech Republic and the Slovak Republic. International Journal of Entrepreneurial Knowledge, 6(2): 71-80.
23. Kotulic, R. (2011). Meranie Makroekonomickej Aktivity pre potreby personalneho manazmentu. – GDP naSlovensku. [online, quoted to 02.07.2019]. Retrieved from http://www.pulib.sk/elpub2/FM/Kotulic15/pdf_doc/kotulic2.pdf
24. Lisy, J. a kol., 2005. Ekonomia v novej ekonomike. Bratislava: Edicia ekonomia. ISBN 80-8078-063-3.
25. Mokrasova, V., 2008. Makroekonomicky vyvoj, verejné financie a niektoré aspekty konkurencieschopnosti slovenskej ekonomiky. Bratislava: Prognostickyustav SAV. ISSN 0862-9137.
26. Opreana, A., Mihaiu, D. M. (2011). Analysis of European Union Competitiveness from a new multidimensional model perspective. Romanian Economic and Business Review, 6(4): 68-83. [online, quoted to 02.07.2019]. Retrieved from https://www.pulib.sk:2333/docview/1124438556?accountid=164160
27. Palkovic, J., Fuskova, M., Sojkova, Z. (2015). Competitiveness of the EU regions: Comparison of the NUTS 2 regions using Regional Index of Competitiveness. Proceedings ICABR 2015: X. International Conference On Applied Business Research. Madrid, Spain, 722-729.
28. Podobnik, B., Horvatic, D., Kenett, D. Y., Stanley, H. E., (2012). The competitiveness versus the wealth of a country. [online, quoted to 02.07.2019]. Retrieved from https://arxiv.org/abs/1209.2813v1
29. Samuelson, P. A., Nordhaus, W. D., 2007. Ekonomia. NS SVOBODA. ISBN 80-2050-590-3.
30. Schwab, K. (2011). The Global Competitiveness Report 2011-2012. Geneva: World Economic Forum. ISBN 13: 978-92-95044-74-6. [online, quoted to 02.07.2019]. Retrieved from http://www3.weforum.org/docs/WEF_GCR_Report_2011-12.pdf.
31. Simionescu, M. (2016). Competitiveness and Economic Growth in Romanian Regions. Journal of Competitiveness, 8(4), 46-60. doi: 10.7441/joc.2016.04.03.
32. Simionescu, M., Lazanyi, K., Sopkova, G., Dobes, K., Balcerzak, A. P. (2017). Determinants of Economic Growth in V4 Countries and Romania. Journal of Competitiveness, 9(1): 103-116. doi: 10.7441/joc.2017.01.07.
33. Slany, A., (2006). CVKS CR: Konkurencieschopnosť ceské ekonomiky (vyvojové trendy). Brno: Printeco, s.r.o., ISBN 80-210-4157-9.
34. Soosova, V. (2014). Competitiveness of the V4 Countries. Political Sciences, Law, Finance, Economics And Tourism, IV. International Multidisciplinary Scientific Conferences on Social Sciences and Arts. Albena, Bulgaria.
35. Spirkova, D., Kloudova, J., Kljucnikov, A., Stehlikova, B. (2019). Economy Of Heating And Competitiveness Of The State – The Link Between The Life Expectancy And The Heating Fuel Type. The Case Of The Slovak Republic. Journal Of Competitiveness, 11(1): 116–134. doi: 10.7441/joc.2019.01.08
36. Tkacova, A., Gavurova, B., Behun, M. (2017). The Composite Leading Indicator for German Business Cycle. Journal of Competitiveness, 9(4): 114-133. doi: 10.7441/joc.2017.04.08
37. Visegrad Group. (2017). About the Visegrad Group. [online, quoted to 02.07.2019]. Retrieved from http://www.visegradgroup.eu/about
38. WEF. World Economic Forum. (2013). The Global Competitiveness Index. [online, quoted to 02.07.2019]. Retrieved from http://www.economy.ge/uploads/ek_ciprebshi/reitingebi/reitingebi_eng/gci.pdf