Abstract
Economic competitiveness is not only a microeconomic problem for business management. It is also an important indicator of comparison among the economic development, advancement and sustainability of respective countries. The investigation of macroeconomic competitiveness of individual states is at the forefront of the discourse of both macroeconomic experts and politicians. In this study we focus on the economic competitiveness of the BENELUX countries, that is Belgium, the Netherlands and Luxemburg. The objective of the article is to identify the position of the BENELUX countries as an economic union with respect to global economy and the potential for the growth and sustainability of BENELUX economic competitiveness. The first part of the article addresses the theoretical principles of the given problematic, delineates competitiveness within its economic determinants and positions a discussion with specific focus on the BENELUX countries. The article also addresses the cooperation within the union of these states in terms of sustainability of competitiveness. The empirical part of the article analyses the competitiveness of the chosen states using standard macroeconomic methods. Three indices were utilised in the analysis, the Global Competitiveness Index (GCI), the ʻDoing Businessʼ index created by the World Bank, and the Economic Freedom Index (EFI). We have also subjected the selected indicators to a correlational analysis, the aim of which was to identify possible correlations between the chosen competitiveness index and a chosen parameter. The results of the analysis reveal the current economic position of the BENELUX countries, and outline the economic opportunities and threats to further development.
Highlights
There are several factors impacting the current economic status of individual countries, as well as the future development of the world economy as a whole: increasing globalisation of the world economy, international economic interdependence, the rapid advancement of communication technologies, trade liberalisation and shared economies
In this study we focus on the economic competitiveness of the BENELUX countries, that is Belgium, the Netherlands and Luxemburg
The objective of the article is to identify the position of the BENELUX countries as an economic union with respect to global economy and the potential for the growth and sustainability of BENELUX economic competitiveness
Summary
There are several factors impacting the current economic status of individual countries, as well as the future development of the world economy as a whole: increasing globalisation of the world economy, international economic interdependence, the rapid advancement of communication technologies, trade liberalisation and shared economies. Larger economic entities consist of smaller actors, which at any given time have a duty to evaluate the need and the purpose for remaining in the given integrated economy union. It is important for the economic union to assess the effectivity, productivity and competitiveness of its respective members so that the union benefits all parties involved. The comparison of the competitiveness of national economies with respect to other global economies has its individual meaning because such an analysis can reveal all kinds of positive and negative influences, opportunities and threats to the building of a competitively sustainable economic union. It is clear that the quantitative analysis of economic phenomena is an important base line for macroeconomists as well as the representatives of central banks or high-ranking politicians, as the outcomes of these analyses are needed for the strategic direction of national economies
Sign-in/Register to view highlights & summary 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.
