Sustainability | VOL. 10
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Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries

Publication Date Dec 21, 2017

Abstract

This study aims at empirically investigating the drivers of sustainable economic growth in EU-28 countries. By means of panel data regression models, in the form of fixed and random effects models, alongside system generalized method of moments, we examine several drivers of real gross domestic product (GDP) growth rate, as follows: higher education, business environment, infrastructure, technology, communications, and media, population lifestyle, and demographic changes. As regards higher education, the empirical results show that expenditure per student in higher education and traditional 18–22 year-old students are positively linked with sustainable economic growth, whereas science and technology graduates negatively influence real GDP growth. In terms of business environment, total expenditure on research and development and employment rates of recent graduates contributes to sustainable development, but corruption perceptions index revealed a negative association with economic growth. As well, the results provide support for a negative influence of infrastructure abreast technological measures on economic growth. Besides, we found a negative connection between old-age dependency ratio and sustainable economic growth.

Concepts
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Drivers Of Sustainable Economic Growth
Real Gross Domestic Product Growth
Terms Of Business Environment
Gross Domestic Product
Sustainable Economic Growth
Drivers Of Economic Growth
Gross Domestic Product Growth
Sustainable Growth
EU-28 Countries
Dependency Ratio

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