The Slovakian Forest-Based Sector in the Context of Globalization

Iveta Hajdúchová, Mariana Sedliačiková, Daniel Halaj, Peter Krištofík, Hussam Musa, Igor Viszlai

Abstract


This paper investigates the impact of the global economy on the forest-based sector in Slovakia in the early years of the 21st century. Indicators such as gross domestic product, production value of forestry-wood sectors, net exports, foreign direct investments, and the ratio indices of foreign direct investment to GDP in industrial production and foreign direct investment to production value were used to analyze this sector in the context of globalization. Multiple regression analysis was used to determine the factors that significantly affect the development of the forest-based sector and to shed light on how globalization impacts the analyzed sector. The results showed that the forest-based sector had a minor impact of the Slovak economy with less than 5% share on the whole GDP. Using multiple regression analysis it was found that globalization factors such as foreign direct investment and net export did not have a significant influence (p > 0.44175) on the forest-based sector during the investigated period. Nevertheless, the highest globalization indicators were detected by the pulp and paper industry (x ̅ = 2.72; 29.14) and the furniture manufacturing (x ̅ = 1.60; 27.57). The highest variability of FDI was identified in the forest sector (vx = 72.38%; 67.32%) by influence of zero FDI in the last three years and in the wood industry (vx = 38.90%; 38.51%).

Keywords


Globalization; Economics; Forest-based sector; Macroeconomic indicators

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