Abstract
Sustainable development represents a comprehensive approach that focuses on economic, social and environmental aspects in order to meet the needs of the present without compromising the ability of future generations. The main aim of the paper is to reveal the impact of selected global multicriteria indices (through Global Innovation Index, Doing Business Index, Economic Freedom Index, Corruption Perception Index and Human Development Index) on sustainable development (expressed by Sustainable Economic Development Assessment) within EU(28) countries for the period of 2011 to 2018. Secondary data were processed using panel data regression analysis. Results of average score in the field of sustainable economic development showed that Finland (84.5) achieved the best-performed, while the worst position was recorded by Romania (56.5). Looking at the selected indices average scores, the leading position was indicated in the case of Denmark (80.5) and the worst results was obtained by Greece (57.6). Based on the results of the panel regression analysis, to the key determinants influencing the sustainable economic growth of the EU(28) countries belong such variables as innovation activity, business environment, corruption issues and human resources. The presented findings provide valuable insight toward to strategic priorities review, as well as, it can also help governments move from plans to action.
Highlights
Nowadays, the concept of sustainable development has become a widely recognized aim for human society
The results showed that Information and Communication Technologies (ICT) contributes significantly to sustainability of firms and economies
The average selected independent variable Y (SEDA) score development within European Union (EU) member states over the period analyzed is presented in the Figure 1 below
Summary
The concept of sustainable development has become a widely recognized aim for human society. At national and global level, the adoption of sustainable development strategies represents the key driving force in achieving the long-term economic growth, in creating conditions for environmental protection, as well as, in guaranteeing a healthy life and social inclusion. For sustainable development to be achieved, it is necessary to harmonize and interconnect all these core elements for the well-being of individuals and societies. The worldwide globalization led to the adoption of the Sustainable Development Goals. From international perspective, it is a key moment for building and implementing of urgent and inclusive action plans. Many international institutions and organizations publish recognized annual reports focus on assessment of countries concerning to various range of factors expressing sustainability potential
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