Performance evaluation of the Visegrad Group countries

Abstract

The objective of economic success is not only to achieve positive developments in economic indicators, but to ensure a high living standard and quality of life for the population. It is therefore necessary to measure economic success in terms of social and socio-economic indicators, which indicate the quality of life of the population. A relevant indicator of economic development and economic performance is the gross domestic product (GDP) per capita. Although this indicator is the most widely used, it has recently been subject to a wave of criticism. Therefore it is necessary to evaluate the economic success, taking into account other variables, which in themselves imply social indicators: net economic welfare, Human Development Index (HDI), Index of Competitiveness, Index of Economic Freedom (IEF), Prosperity Index, Corruption Perception Index and others. The subject of this article is to evaluate the economic performance of the Visegrad Group countries using GDP per capita and selected socio-economic indicators. We use the method of time series analysis to examine the development of selected indicators. To compare their development we use the method of comparison, and to formulate the findings we use the method of synthesis. In order to evaluate the performance of the Visegrad countries we use scoring method.