The Impact of Economic Indicators on the Evolution of Business Confidence during the COVID-19 Pandemic Period

Abstract

This publication focuses on issues related to the development of entrepreneurship. The aim of this publication is to demonstrate how fluctuations of economic indicators have been affecting business confidence during the COVID-19 pandemic. Business trust is important for entrepreneurs because it significantly determines the decision-making process and ensures stable development and functioning of an organization. Our study assessed the G7 and the E27 countries and Poland for comparison purposes for the years 2015–2021. Among other things, for the purposes of the study, the following were performed: literature analysis; formulation of the study research questions and a hypothesis: economic indicators negatively affecting business confidence during the COVID-19 pandemic period; data from the following databases which were used: EUROSTAT, GUS, OECD, TRADING ECONOMICS. The presented research results indicate that there is a relationship between the COVID-19 pandemic and the development of economic indicators and BCI. This is particularly noticeable during the development of the pandemic at the turn of the first and second quarters of 2020. The indicator shows negative values during this period. This study also showed that increasing COVID-19 infections in the pandemic’s initial stage led to growing insecurity in developing business activities, which is proven by the calculated Pearson correlation coefficient scoring −0.3982.