Economical and Financial Impact of Covid in Some Industries

Asr, Youssef
Folyóirat címe
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Kötet címe (évfolyam száma)
After researching and reading publications that weren’t easy to understand long reports with a lot of information that had to be broken down into specific parts to have a better understanding of it, and analyse the results to get the best knowledge out of each report represented on my thesis , which was a lot of hard work and struggle from different resources . I was able to understand and review the summary of these reports showing the impact on the chosen sectors with official data using different publications and using most of the data from the Hungarian National Bank known as MNB in both the finance and economy sector , having the most approved official data on this topic and showing the effect of covid on these sectors and the automated industry. I concluded that in year 2020 specially the first 2 quarters Hungary witnessed the worst results in both the financial and economic sectors breaking the trend of success that was happening since 2016 that continued for 4 years , these results were the worst that was ever witnessed before , even during the financial and economic crisis in 2006 and 2007 , having higher expenses during covid for hospitals, family and labour aids, that was effected by the governments regulations and measurements which also effected the economy as well as the public dept . Moreover concluding that Hungary’s situation compared to EU countries wasn’t the worst, Hungary did manage to have control of the situation coming out of this crisis with less damage than other countries in the European union after the second two quarters of 2020 , having slight advancement in the ends of 2020 and 2021, I also concluded that the industry of cars in Hungary got so effected dropping performance to be one of the worst in the history of Hungary including interrupting upcoming car factories like BMW factory and that was with a relation not just with Hungary situation during the pandemic but also Germany situation , leading to a huge drop in the exports as the car industry is one of the main things that Hungary depends on in the exports area and having increase in the imports leading to a worse situation for Hungary national treasury , this was made by comparing data from previous years with the data that was published in 2020 as that year had the worst impact of covid on it . I hope this thesis was useful and can be used for whoever would like to acknowledge what happened in this year and to have a better understanding of the effect of this year on the next years for Hungary situation Thank you.
Finance, Economy, Covid impact, Car industry