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Assessment of the impact of unemployment and GDP on the average wage and forecast of the average wage in the Czech Republic

Tereza Matasová1,2*iD, Martin Gemperle1

  1. Institute of Technology and Business, School of Expertness and Valuation, České Budějovice, Czechia
  2. Institute of Technology and Business in Prešov, Department of Economics, Prešov, Slovakia

* Corresponding author: matasova@mail.vstecb.cz

Abstract

The aim of this thesis was to evaluate the impact of unemployment and GDP on the average wage in the Czech Republic from 2011 to 2023 and to create a forecast for the average wage for the year 2024. Statistical methods including correlation and regression analyses were employed to assess the influence of unemployment and GDP on the average wage in the Czech Republic. The results revealed an inverse relationship between unemployment and the average wage, while GDP had a positive effect on the average wage. The forecast for the average wage in 2024 was 53,098 CZK, indicating continued growth. The research provided valuable insights for policymakers and other stakeholders. The main limitations of the study include the omission of additional factors such as changes in tax policy, inflation, and technological innovations, as well as reliance on historical data.

Keywords:Average wagegross domestic productunemploymentprognosisregression

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