Simulation Modeling of the Czech Republic Economy With a Development Forecasting

Abstract

The current uncertain and rapidly changing time requires a thorough analysis of the actual situation and subsequent appropriate decision-making in many areas. This applies to the individual national economies and their particular sectors, as well. Therefore, the topic of development forecasting is becoming even more important nowadays. The presented paper deals with forecasting associated to the further development of the selected national economy through modeling via simulation technique. The country of selection is the Czech Republic. The gross domestic product (GDP) is chosen as the indicator that the most reliably reflects the national economy condition. Therefore, a prediction of the potential GDP development is realized. The obtained findings are applied to the industry segment.

Changes in real income of households in the Czech Republic due to the Russian invasion of Ukraine

“…Observing hypothetical changes and fluctuations in the financial market is one of the options for adapting to macroeconomic changes and then reacting to these changes (Al-Zoubi et al, 2018;Gavurova et al 2020). The long-term goal of realising the current economic situation formulates steps to achieve a sustainable post-war order (Gresova, et al, 2021;Androniceanu & Sabie, 2022).…”