The article contains an analysis of the Visegrad Group's approaches to the world financial and economic crisis of 2008 and the pandemic in 2020. The reasons which determined the increase of the Four's importance in the EU during periods of global distress for a number of economic indicators are outlined. Special attention is paid to the economic dynamics of Hungary, Poland, Slovakia and the Czech Republic in 2020 in comparison to the time of crisis of 2008-2009 and to the factors influencing the response of countries to the complementary economic issues. The transformation of trade and investment relations within the Visergad Group during the crisis periods is considered. The reasons for changes inside the group are identified. The conclusion is drawn that external challenges cause the weakening of relations within the Four in several areas; the Visegrad market can not fully play the compensatory role for its members in emergency conditions. However, the opportunity for expanding relations within the Group in the future is not excluded. The results of the experts' survey on the attitudes of the Four during periods of external challenges, relations within the Visegrad Group and directions for future development are presented.