Naslov
The impact of exogenous shock caused by the COVID 19 crisis on industrial production in Croatia

Autori
Karić, Darko ; Tomašević, Dušan ; Ćosić Draženka

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
72nd International Scientific Conference on Economic and Social Development "Digital Transformation and Business" - book of proceedings / Zavrl, Irena ; Vukovic, Dijana ; Cerovic, Ljerka - Varaždin : Varaždin Development and Entrepreneurship Agency ; University North ; Faculty of Management University of Warsaw ; Mohammed V University in Rabat, 2021, 195-205

Skup
72nd International Scientific Conference on Economic and Social Development

Mjesto i datum
Varaždin, Hrvatska, 30.09.2021. - 01.10.2021

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
crisis ; monetary policy ; fiscal policy ; interest rate ; industrial production ; external trade balance

Sažetak
In recent years, more precisely from the year of 2019, the world economy has faced a new form of crisis, which has not been recorded in the modern history. Accordingly, for the first time the world economy is facing a crisis of aggregate supply and aggregate demand at the same time. The effect of crisis transmission caused by pandemic COVID 19 arrived in Croatia at the beginning of 2020. Mainly the modern crisis were coming from banking or financial sector, such as the last one from 2008, the mortgage crisis, which came to Croatia in 2009. Crisis of 2008 caused the global increase of interest rates and monetary contraction. However, the new crisis caused by pandemic COVID 19 had opposite effect comparing to the crisis of 2008 and led to interest rate decrease and to monetary expansion. The resilience of domicile production on a new form of exogenous shock in Croatia is under the big uncertainty. The external trade coverage ratio in goods was at the level below 60% in 2019, which had a significant impact on the new form of crisis. The gap, which emerged between industries due to the shock of pandemic COVID 19, became a burning question of strategic development of industrial production in Croatia. Because of all mentioned, many questions has been raised on macroeconomic level, while the most important are the self-sufficiency and resilience of manufacturing industry, which presents the backbone of each economy. Now, the negative effects will be even more visible because of the long time postponed structural reform of Croatian economy. In this paper the authors will analyses which sector has suffered the most because of the pandemic COVID 19 crisis.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA