The Effects of Crises on the Living Standards in Romania and Hungary in the 21^st Century – Similarities and Differences

Abstract

Our research focuses on the analysis of the effects of the crises of the last 20 years on the development of the standard of living in Romania and Hungary. In the research, we focus primarily on the economic crisis of 2008 and the economic and social shock caused by the COVID-19 pandemic. The study includes an overview of the economic and social situation of Romania and Hungary, the presentation of the concept of crisis, and the indicators that describe the standard of living (GDP per capita, the Gini coefficient, indicators of poverty and social exclusion and indicators that describe the development of the labor market). In our analysis, we examine and compare the evolution of indicators measuring the standard of living in Romania and Hungary during the crises.