Trade Development and Trade Perspectives of Visegrad Group

Thesis examines the trade development in the Visegrad countries, the Czech Republic, Slovak Republic, Poland and Hungary through the detailed analyses of their historical trends in GDP, currency and inflation, and foreign trade. The timeline of their trade development was split into two periods: during communism and after the collapse of communism. The study showed that the Visegrad countries' trade was concentrated mostly within the CMEA countries and their trade relations with the West were restricted which held them back from their earlier integration into the EU and also kept down their economic growth for several decades. Their economies were centrally planned and state held monopoly over foreign trade which caused them to be much less competitive on world markets. The period after the collapse of their communist regimes involves their transition to market economy and their full integration into the EU with the increasing share of the EU in their foreign trade. The analysis of this period emphasizes the importance of the openness of their economies in their gained economic growth. Another purpose of the study was to look into their trade perspectives with the economic projections and their future accession into the Eurozone. Visegrad countries' cooperation in attracting FDI into the region was also found important for their economic stabilization and future growth in today's competitive world.