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2022 | 16 | nr 1 | 121--134
Tytuł artykułu

Sustainable Economic Growth in the European Union under COVID-19 Conditions

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
All countries of the European Union (EU) have had their economies impacted by COVID-19 and should focus their efforts on managing the negative impacts on their GDP growth. Since EU countries vary considerably in many criteria, the same policy would not fit all EU countries. This paper analyzes how sustainable economic growth could be maintained in the long run while considering three criteria, including R&D investment, gross value added per employee and country size by population; and which factors could have the highest impacts on economic growth in the recovery process according to supply and demand. Countries were examined according to the mentioned criteria by applying the panel least squares method. The major estimation outputs show the stronger effect of the supply side on economic growth, the higher role of human capital in small EU countries where R&D investment exceeds 3% of GDP, and the critical effect of exports on GDP growth in the large EU countries with the lowest R&D investment. This segment depends the most on smooth exports of goods and service flows and could be the most vulnerable under COVID-19 conditions. Therefore, seeking to keep economic growth on track, EU countries should use different strategies and fiscal measures depending on the most vulnerable factors for their economic growth. In addition, this is the right time to revise values of economic growth, and governments should be more focused on the recovery of their economies on the sustainable development goals (SDGs) agenda. (original abstract)
Rocznik
Tom
16
Numer
Strony
121--134
Opis fizyczny
Twórcy
  • Vilnius Gediminas Technical University, Lithuania
Bibliografia
  • Aghion, P., Artus, P., Oliu-Barton, M., & Pradelski, B. (2021). Aiming for zero Covid-19 to ensure economic growth. Research-based policy analysis and commentary from leading economists. https://voxeu.org/article/aiming-zero-covid-19-ensureeconomic-growth
  • Baldwin, R., & Tomiura, E. (2020). Thinking ahead about the trade impact of COVID-19. In R. Baldwin, & B. Weder di Mauro (Eds.) Economics in the time of COVID-19 (pp. 59-71). CEPR Press.
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  • Breisinger, C., Abdelatif, A., Raouf, M., & Wiebelt, M. (2020). COVID-19 and the Egyptian economy: Estimating the impacts of expected reductions in tourism, Suez Canal revenues, and remittances (Vol. 4). Intl Food Policy Res Inst.
  • Chakroun, M., Chrid, N., & Saafi, S. (2020). Does export upgrading really matter to economic growth? Evidence from panel data for high-, middle- and low-income countries. International journal of finance and economics, research article, 1-26. https://doi.org/10.1002/ijfe.2082
  • Chetty, R., Friedman, J. N., Hendren, N., & Stepner, M. (2020). The economic impacts of COVID-19: evidence from a new public database built using private sector data. NBER, working paper 27431.
  • Cobb, C. W., & Douglas, P. H. (1928). A theory of production. The American Economic Review, 18(1), 139-165.
  • Cruz, N. M., Almeida, F. P., & Blom-El Nayal, M. (2020). The impact of COVID-19 on the sustainable development agenda: A business opportunity to reframe success. Research note. Católica-Lisbon Centre for Responsible Business & Leadership. https://www.clsbe.lisboa.ucp.pt/research-note-the-impact-of-covid-19-on-thesustainable-development-agenda-a-business-opportunity-to-reframe-the-future-
  • Dorn, F., Khailaie, S., Stoeckli, M., Binder, S. C., Lange, B., Lautenbacher, S., Peichl, A., Vanella, A., Wollmershäuser, T., Fuest, C., & Meyer-Hermann, M. (2020). The common interests of health protection and the economy: Evidence from scenario calculations of COVID-19 containment policies. medRxiv. https://doi.org/10.1101/2020.08.14.20175224
  • Duan, H., Bao, Q., Tian, K., Wang, S., Yang, C., & Cai, Z. (2021). The hit of the novel coronavirus outbreak to China's economy. China Economic Review, 67, 101606. https://doi.org/10.1016/j.chieco.2021.101606
  • Eichenbaum, M. S., Rebelo, S., & Trabandt, M. (2021). The macroeconomics of epidemics. The Review of Financial Studies, 34(11), 5149-5187. https://doi.org/10.1093/rfs/hhab040
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  • Eurostat. (2020c). Final consumption expenditure. Retrieved on 21.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020d). Gross domestic product at market prices. Retrieved on 21.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020e). Gross value added. Retrieved on 21.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020f). Population. Retrieved on 22.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020g). R&D expenditures. Retrieved on 22.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020i). Unemployed persons. Retrieved on 21.11.2020 from: https://ec.europa.eu/eurostat/data/database
  • Eurostat. (2020j). Wages and salaries. Retrieved on 21.11.2020 from: https://ec.europa.eu/eurostat/data/database
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171636854

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