SIMULATION MODELING OF THE CZECH REPUBLIC ECONOMY WITH A DEVELOPMENT FORECASTING

  • 1Institute of Control and Informatization of Production Processes, Faculty of Mining, Ecology, Process Control and Geotechnologies, Technical University of Kosice, Kosice, SK
  • 2Department of Manufacturing Machinery and Robotics, Faculty of Mechanical Engineering, Technical University of Kosice, Kosice, SK

Abstract

The current uncertain and rapidly changing time requires a thorough analysis of the actual situation and subsequent appropriate decision-making in many areas. This applies to the individual national economies and their particular sectors, as well. Therefore, the topic of development forecasting is becoming even more important nowadays. The presented paper deals with forecasting associated to the further development of the selected national economy through modeling via simulation technique. The country of selection is the Czech Republic. The gross domestic product (GDP) is chosen as the indicator that the most reliably reflects the national economy condition. Therefore, a prediction of the potential GDP development is realized. The obtained findings are applied to the industry segment.

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