Assessment of the Economic Situation of Post-socialist EU Countries

Abstract

The economic development of Slovakia, as well as other former socialist countries, was largely marked by the transition from a centrally planned economy to a market economy. This process was long and difficult. Post-socialist countries were forced to adopt a broad complex of political, social, economic and institutional reforms that made the business environ­ment in the country more attractive and strengthened economic growth. This process of transformation continues and despite progress there is room for further improvement even in the most developed post-socialist coun­tries. In addition, the economy of individual countries, as well as the world economy, is currently significantly affected by the ongoing pandemic, and it has also been negatively affected by the war conflict in Ukraine and the emerging energy crisis. In the article, we will focus on evaluating and comparing the development and economic situation of former socialist countries that have since become members of the European Union. Based on selected macroeconomic indica­tors, we will assess the level of the economy of individual countries. Subse­quently, we will use the ranking method and compile and evaluate the rank­ing of the analyzed countries.