The Effect of the Covid-19 Pandemic on Economic Growth and R&D Spending in the EU Countries

Simple item page
dc.contributor.authorKotorov, Iouri
dc.contributor.authorKrasylnykova, Yuliya
dc.contributor.authorDemel, Jaroslav
dc.contributor.authorBlaschke, Petr
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2023-09-27T12:40:56Z
dc.date.available2023-09-27T12:40:56Z
dc.description.abstractThe article deals with the issue of economic growth and R&D spending in the EU-27 countries during the Covid-19 pandemic. Using time series analysis, the article examines whether the pandemic and the associated restrictive measures and bailout packages have impacted economic growth and R&D funding. To answer this research question, the development of GDP and GERD Eurostat data was taken, and the period of 2011–2021 was analysed. Besides the development of the monitored indicators (GDP, GERD, GERD as a percentage of GDP), the chain index was constructed to compare year-on-year changes and to analyse the growth rate of the indicators further. The research shows that Covid-19 impacted GDP as well as the field of R&D. Talking in absolute numbers, the impact of the pandemic can be seen in the decrease of both GDP and GERD in 2020. However, since the GDP of the EU-27 countries decrease reached 4 % in 2020 while GERD only reduced by 1 % in the same year, the overall effect on the R&D intensity was positive. However, while the GDP and GERD resumed their growth in 2021 – annual change of 8 % (GDP) and 6 % (GERD) – R&D intensity declined by 2 % compared to 2020. This decline was caused by a more significant growth of GDP than GERD in the same year. However, based on the analysis performed, it can be concluded that the impact of the Covid-19 pandemic on GDP and GERD of the EU-27 countries was neither significant nor had a long-term nature.en
dc.formattext
dc.identifier.doi10.15240/tul/009/lef-2023-08
dc.identifier.isbn978-80-7494-627-1
dc.identifier.urihttps://dspace.tul.cz/handle/15240/172824
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.isbasedonAGARWAL, R., & GAULE, P. (2022). What Drives Innovation? Lessons From COVID-19 R&D. Journal of Health Economics, 82, 102591. https://doi.org/10.1016/j.jhealeco.2022.102591
dc.relation.isbasedonASLAM, H., NAUMCHEVA, M., ZHDANOV, P., KOTOROV, I., MAZZARA, M., AKHMETGARAEVA, E., VALIEV, R., & KRASYLNYKOVA, Y. (2023). Perception of the Internationalization Process by the University Employees: The Case Study of Innopolis University. In M. E. Auer, W. Pachatz, & T. Rüütmann (Eds.), Learning in the Age of Digital and Green Transition (pp. 873–883). Springer International Publishing. https://doi.org/10.1007/978-3-031-26190-9_89
dc.relation.isbasedonBAUMANN, J., & KRITIKOS, A. S. (2016). The Link Between R&D, Innovation and Productivity: Are Micro Firms Different? Research Policy, 45(6), 1263–1274. https://doi.org/10.1016/j.respol.2016.03.008
dc.relation.isbasedonBISWAS, S. (2022). Can R&D Investment Reduce the Impact of COVID-19 on Firm Performance?—Evidence from India. Journal of Public Affairs, 22(S1), e2773. https://doi.org/10.1002/pa.2773
dc.relation.isbasedonBLASCHKE, P., & DEMEL, J. (2019). Innovation Activities of Foreign Companies Presented in the Liberec Region. Liberec Economic Forum 2019. Technical University of Liberec, Liberec, 102–110. ISBN 978-80-7494-482-6.
dc.relation.isbasedonBLASCHKE, P., DEMEL, J., & KOTOROV, I. (2021a). Innovation Performance of Small, Medium-Sized, and Large Enterprises in Czechia and Finland. Liberec Economic Forum 2021. Technical University of Liberec, 21–29. ISBN 978-80-7494-578-6.
dc.relation.isbasedonBLASCHKE, P., DEMEL, J., & KOTOROV, I. (2021b). Innovation Performance of Czech and Finnish Manufacturing Enterprises and their Position in the EU. ACC Journal, 27(2), 7–21. https://doi.org/10.15240/tul/004/2021-2-001
dc.relation.isbasedonEUROSTAT. (2022). Glossary: R&D intensity. https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:R_%26_D_intensity
dc.relation.isbasedonEUROSTAT. (2023a). Statistics | Eurostat. Gross Domestic Product at Market Prices. https://ec.europa.eu/eurostat/databrowser/view/TEC00001__custom_4943644/default/table
dc.relation.isbasedonEUROSTAT. (2023b). Statistics | Eurostat. GERD by Sector of Performance. https://ec.europa.eu/eurostat/databrowser/view/RD_E_GERDTOT__custom_4941267/default/table
dc.relation.isbasedonGRIFFITH, R., HUERGO, E., MAIRESSE, J., & PETERS, B. (2006). Innovation and Productivity Across Four European Countries. Oxford Review of Economic Policy, 22, 483–498. https://doi.org/10.1093/oxrep/grj028
dc.relation.isbasedonGUAN, F., TIENAN, W., & TANG, L. (2022). Organizational Resilience Under COVID-19: The Role of Digital Technology in R&D Investment and Performance. Industrial Management & Data Systems, 123(1), 41–63. https://doi.org/10.1108/IMDS-04-2022-0220
dc.relation.isbasedonHALL, B. H., MAIRESSE, J., & MOHNEN, P. (2010). Measuring the Returns to R&D. In B. H. Hall & N. Rosenberg (Eds.), Handbook of the Economics of Innovation (Vol. 2, pp. 1033–1082). North-Holland. https://doi.org/10.1016/S0169-7218(10)02008-3
dc.relation.isbasedonKLOOS, C. D., ALARIO-HOYOS, C., MORALES, M., ROCAEL, H. R., JEREZ, Ó., PÉREZ-SANAGUSTÍN, M., KOTOROV, I., FERNÁNDEZ, S. A. R., OLIVA-CÓRDOVA, L. M., SOLARTE, M., JARAMILLO, D., TEIXEIRA, A. M., & LÓPEZ, A. H. G. (2021). PROF-XXI: Teaching and Learning Centers to Support the 21st Century Professor. 2021 World Engineering Education Forum/Global Engineering Deans Council (WEEF/GEDC), 447–454. https://doi.org/10.1109/WEEF/GEDC53299.2021.9657301
dc.relation.isbasedonKOTOROV, I., KRASYLNYKOVA, Y., ZHDANOV, P., & MAZZARA, M. (2020). Internationalization Strategy of Innopolis University. In J.-M. Bruel, A. Capozucca, M. Mazzara, B. Meyer, A. Naumchev, & A. Sadovykh (Eds.), Frontiers in Software Engineering Education (pp. 327–340). Springer International Publishing. https://doi.org/10.1007/978-3-030-57663-9_21
dc.relation.isbasedonKOTOROV, I., KRASYLNYKOVA, Y., ZHDANOV, P., MAZZARA, M., ASLAM, H., AKHMETGARAEVA, E., NAUMCHEVA, M., & BROWN, J. A. (2021). Institutional Commitment and Leadership as Prerequisites for Successful Comprehensive Internationalization. In G. Succi, P. Ciancarini, & A. Kruglov (Eds.), Frontiers in Software Engineering (pp. 1–11). Springer International Publishing. https://doi.org/10.1007/978-3-030-93135-3_1
dc.relation.isbasedonKOTOROV, I., PÉREZ-SANAGUSTÍN, M., MANSILLA, F., KRASYLNYKOVA, Y., HADAOU, F. T., & BROISIN, J. (2022). Supporting the Monitoring of Institutional Competency in Learning Innovation: The PROF-XXI Tool. 2022 XVII Latin American Conference on Learning Technologies (LACLO), 01–08. https://doi.org/10.1109/LACLO56648.2022.10013323
dc.relation.isbasedonMAIRESSE, J., & MOHNEN, P. (2004). The Importance of R&D for Innovation: A Reassessment Using French Survey Data. The Journal of Technology Transfer, 30(1–2), 183–197. https://doi.org/10.1007/s10961-004-4365-8
dc.relation.isbasedonOECD. (2021). Business Research and Innovation Have Been Affected Unevenly by the Crisis—OECD. https://www.oecd.org/sti/science-technology-innovation-outlook/crisis-and-opportunity/businessresearchandinnovationhavebeenaffectedunevenlybythecrisis.htm
dc.relation.isbasedonPORTER, M. E. (1985). Technology and Competitive Advantage. Journal of Business Strategy, 5(3), 60–78. https://doi.org/10.1108/eb039075
dc.relation.isbasedonRAYMOND, W., MAIRESSE, J., MOHNEN, P., & PALM, F. (2015). Dynamic Models of R & D, Innovation and Productivity: Panel Data Evidence for Dutch and French Manufacturing. European Economic Review, 78, 285–306. https://doi.org/10.1016/j.euroecorev.2015.06.002
dc.relation.isbasedonROPER, S., & TURNER, J. (2020). R&D and Innovation After COVID-19: What Can We Expect? A Review of Prior Research and Data Trends After the Great Financial Crisis. International Small Business Journal, 38(6), 504–514. https://doi.org/10.1177/0266242620947946
dc.relation.isbasedonSAVRUL, M., & INCEKARA, A. (2015). The Effect of R&D Intensity on Innovation Performance: A Country Level Evaluation. Procedia - Social and Behavioral Sciences, 210, 388–396. https://doi.org/10.1016/j.sbspro.2015.11.386
dc.relation.isbasedonVAN, B. T., VAN, D. V., & TRANG, T. L. N. (2022). The Role of R&D Intensity on the Export Intensity of Enterprises in Transition Economy: The Case of Vietnam. Asian Journal of Business and Accounting, 15(1), 281–309. https://doi.org/10.22452/ajba.vol15no1.9
dc.relation.ispartofLiberecké ekonomické fórum 2023cs
dc.relation.ispartofLiberec Economic Forum 2023en
dc.subjectGDPen
dc.subjectGERDen
dc.subjectR&Den
dc.subjectinnovationen
dc.subjectEUen
dc.subjectCovid-19en
dc.subject.classificationF43
dc.subject.classificationO32
dc.titleThe Effect of the Covid-19 Pandemic on Economic Growth and R&D Spending in the EU Countriesen
dc.typeproceeding paperen
local.accessopen
local.citation.epage76
local.citation.spage68
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationLEFcs
local.relation.abbreviationLEFen
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
LEF_2023_08.pdf
Size:
494.63 KB
Format:
Adobe Portable Document Format
Description:
conference paper
Download
Collections
LEF 2023