Abstract
Abstract This study investigates the role of innovation in attaining economic growth and development in the 27 EU Member States (EU-27). Our analytical approach employs advanced panel data econometric methods, including an autoregressive distributed lag (ARDL) model and data mapping analysis. Additionally, an interactive approach to regulatory quality was introduced to evaluate its influence on economic development. The results suggest that innovation significantly impacts economic development in both the long and short term. Empirical evidence indicates that the quality of regulatory frameworks is a main factor in shaping economic development in both the long and short terms. The main findings imply the need for countries to align their strategies with the effective integration of digital technologies and sustained innovation and further substantially invest resources in R&D capabilities to ensure robust economic progress. Among the countries examined, Sweden, the Netherlands, Finland, and Denmark exhibited the highest levels of innovation. Some nations, with significant economic potential, such as Romania and Bulgaria, tend to underinvest in R&D.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
