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The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks—both directly and via supply chains—during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe. Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable.

Slovak Republic

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This Selected Issues paper on Slovak Republic focuses on supply bottlenecks in 2021. With a shift in global consumer spending toward goods, shortages of inputs and labor and logistical bottlenecks, supply bottlenecks were a prominent feature of the 2021 economic landscape, slowing the pace of the recovery and pushing up inflation. Using an empirical approach to quantify the impact of supply and demand shocks, this selected issue paper finds that supply shocks had a particularly pronounced effect in Slovakia, exerting a sizable drag on industrial production, and contributing significantly to producer price inflation. We find that in 2021H2 in Slovakia, manufacturing output would have been 15 percent higher and 60 percent of the increase in manufacturing producer price inflation would not have occurred in the absence of supply bottlenecks. The greater vulnerability of the Slovak economy to supply bottlenecks is consistent with its sizable auto sector, specialization in downstream activities, and high degree of integration into global value chains. The findings suggest that Slovakia remains highly exposed to supply shocks if the disruptions experienced in 2021 were to persist in 2022 or be amplified by the war in Ukraine.

Slovak Republic

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Trade --- Slovak Republic

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Brožúra OECD360 vám ponúka najnovšie analýzy a údaje z vlajkových publikácií OECD. Množstvo ilustrácií znázorňuje aktuálne najdôležitejšie problémy. Vzdelávanie, zamestnanosť, ochranu životného prostredia, regionálny rozvoj, poľnohospodárstvo, hospodársky rast, finančná kríza a jej dôsledky pre spoločnosť a rozvoj: 8 tém, ktoré sumarizujú situáciu vašej krajiny i celej medzinárodnej scény. Každý článok dopĺňajú dve strany grafických znázornení so zvýraznenými údajmi OECD prevzatými z pôvodných publikácií – prevzatie zdrojových údajov pre každé grafické znázornenie umožňuje program Statlinks.

Economics --- Slovak Republic

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Economics --- Slovak Republic