The impact of covid-19 on SMEs in hungary
DOI:
https://doi.org/10.14267/VEZTUD.2023.02.03Keywords:
COVID-19, resilience , managerial adaption , SMEsAbstract
Apart from the Spanish flu after World War I, the biggest global natural disaster of the past 100 years has been the coronavirus epidemic, which has had a serious impact on the Hungarian economy and society. Mathias Corvinus Collegium and IFKA Public Benefit Nonprofit Ltd. have examined the impact of the COVID-19 crisis on Hungarian SMEs, with a focus on their crisis resilience and adaptation strategies. The results indicated that it was mainly the impact on demand that has determined which business did better or worse during the pandemic. The adaptation strategies of enterprises have primarily been based on flexibility, cost reduction and cautious entrepreneurial behaviour. Their reaction shows that the pandemic may strengthen entrepreneurs’ strategic thinking, as well as the crisis resilience and increased initiative of businesses.
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