Abstract
In this paper, the following research problem was addressed: Is there a significant economic impact of multidimensional specified competitiveness within the EU (28) countries on the competitive business environment, human development, and sustainable growth? Based on the mentioned research problem, we formulated the aim of paper: To detect the significant interrelations among the assessment of global competitiveness, business environment as well as human development in the EU (28) countries for the period of 2006–2017. To address these problems, the methodology of global multi-criteria indices, namely the global competitiveness index (GCI), doing business index (DBI), and human development index (HDI), as well as panel analysis and non-linear regression analyses with ANOVA, were applied. The panel analysis results suggest that there is a direct linear relationship between the GCI and HDI. Moreover, the impact of the DBI on the change in the GCI score was not confirmed. We identified the main areas of countries’ interest, and important economic and statistical significant relations of competitiveness by creating three models: The GD model (constructed by GCI and DBI scores), GH model (GCI and HDI scores), and GDH model (GCI, DBI and HDI scores). Based on the results, all interrelations were confirmed. However, the highest extent of variability for the explanation of the selected data was recorded in the case of the GDH model (87.12%). We detected the impact of the business environment and human resources as competitive advantages on global macroeconomic competitiveness. As the business sector in EU (28) countries is represented mainly by small and medium-sized enterprises (SMEs), enterprise activities play a key role in the process of sustainable competitive economic development. Moreover, human resources are considered to be another important driver of the internationalization of European SMEs.
Highlights
The growing openness and integration of the world has led to an increase in the importance of comparing individuals, organizations, countries, and regions
Within the panel data analysis, we focused on time series analysis (2006–2017) on a sample of 28 European countries, which represented a set of 329 observations
The first partial analysis focused on the comparison of the average global competitiveness index (GCI), doing business index (DBI), and human development index (HDI) scores achieved by European Union (EU) (28) countries during the years 2006 to 2017 in terms of the analyzed economic categories—global competitiveness, business environment, and human development
Summary
The growing openness and integration of the world has led to an increase in the importance of comparing individuals, organizations, countries, and regions. In the context of ensuring the sustainable economic development of countries, an objective assessment of the current situation, possibilities, and capabilities when compared with competitors is important. The business environment creates conditions for the competitiveness of enterprises, which is reflected in the country’s competitiveness. The basis of this system are the skills, decisions, and real performance of businesses. A higher quality, productivity, and market success of business production is reflected in the country’s export performance, in its economic growth, and, in the higher standard of living of its inhabitants
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