Factor Of Economic Growth Research Articles

Aim. The work aimed to analyze the possibility of transforming human and social capital assets while preserving societal value systems, using Saudi Arabia as a case study. It also assessed the impact of the new “human resource” on the successful implementation of the “Vision 2030” reform program.Objectives. The work seeks to conduct a literature review in the context of the declared topic, identify the problems of generating and strengthening human and social capital assets, systematize theoretical and empirical research, select relevant statistical data presenting the main characteristics of human resources in Saudi Arabia, analyze the concept of “Vision 2030” and assess its intermediate results through the prism of human and social capital.Methods. The study employed literature analysis in sociology and economics, synthesized empirical and theoretical knowledge, and conducted comparative analysis of statistical data.Results. Saudi Arabia demonstrates a unique experience of transforming human and social capital assets in a short period. Owning to the competent actions of the country leaders to form actually and strengthen human resources, increase the level of identity, social cohesion, improve the standard of living of the population and strengthen the trust factor, the society, which was considered the most closed, “opened up” and took an active position, bringing economic benefits and making a significant contribution to the country’s development while maintaining the value systems. Consistent and successful implementation of the “Vision 2030” concept proves that in the new economic realities, human resources are the most valuable source of national prosperity and solid foundation.Conclusions. Transformational economic reforms are possible without breaking the identity and cultural foundations of society, and their competent application provides an appreciable economic effect. Regular evaluation of “Vision 2030”, including comparative analyses, progress assessments, and reviews of interim results, are essential for monitoring socio-economic changes and identifying possible difficulties in developing a new human resource as the main economic driving force.

With a focus on the mediating roles of technological innovation and human capital development, this study examines how environmental, social, and governance (ESG) sustainability variables affect long-term economic growth in Ghana. The study is guided by the Human Capital Theory. The World Development Indicators (WDI) is the source of the secondary data used. The study adopted quantitative research design using partial least squares structural equation modeling (PLS-SEM) in examining the relationships between technological innovation, human capital development, economic growth, and ESG variables. According to the analysis, governance factors significantly affect Ghana's economic growth, whereas social and environmental factors have little discernible direct influence. However, the study revealed that technological innovation and the human capital development serve as indirect drivers of economic growth, underscoring the importance of these mediating variables in the Ghanaian context. The government of Ghana is advised to create governance frameworks, promote the incorporation of ESG principles into corporate operations, and allocate funds for technological innovation, healthcare, and education. Enhancing governance frameworks, incorporating social and environmental considerations into economic plans, and creating an environment that supports technological innovation should be top priorities for policymakers. By highlighting the critical role that governance plays in the economic development of developing countries, this study adds to the body of literature, the impact of ESG sustainability on economic growth in Ghana with human capital development and technological development as mediating factors.

инвестиции в образование часто рассматриваются как фундаментальный фактор экономического роста. Вложения в эту сферу способствуют созданию квалифицированной рабочей силы, что критически важно для развития и инноваций в любой экономике. Качественное образование улучшает профессиональные навыки людей, что, в свою очередь, повышает их продуктивность и способность к инновациям. Это способствует заметному росту экономической активности, поскольку более квалифицированные работники способны генерировать больше доходов и эффективнее использовать ресурсы. Поэтому рассматриваемая тема без сомнения является актуальной. Цель данного исследования рассмотреть инвестиции в образование как залог экономического роста. Улучшение системы образования влияет на экономику не только за счёт повышения уровня знаний и навыков. Оно также способствует более равномерному распределению экономических возможностей среди населения. Образование снижает уровень бедности, предоставляя более широкий доступ к хорошо оплачиваемой работе и карьерным возможностям. Это, в свою очередь, увеличивает потребительский спрос, что стимулирует рост бизнеса и инвестиций. Очевидно, что в этих условиях существенно возрастает: Во-первых, образовательные организации являются местом приобретения необходимых компетенций. Во-вторых, при создании и развитии институтов, обеспечивающих высокий уровень образования формируются новые инструменты его финансирования. investment in education is often seen as a fundamental factor in economic growth. Investments in this area contribute to the creation of a skilled workforce, which is critically important for development and innovation in any economy. Quality education improves people's professional skills, which in turn increases their productivity and ability to innovate. This contributes to a marked increase in economic activity, as more skilled workers are able to generate more income and use resources more efficiently. Therefore, the topic under consideration is undoubtedly relevant. The purpose of this study is to consider investments in education as a guarantee of economic growth. Improving the education system affects the economy not only by increasing the level of knowledge and skills. It also contributes to a more even distribution of economic opportunities among the population. Education reduces poverty by providing greater access to well-paid jobs and career opportunities. This, in turn, increases consumer demand, which stimulates business and investment growth. It is obvious that in these conditions it increases significantly: Firstly, educational organizations are a place to acquire the necessary competencies. Secondly, when creating and developing institutions that provide a high level of education, new instruments for its financing are being formed.

Objective: The paper deals with the topic of the Russian youth labor market. The study is in line with the priorities of sustainable development, namely it will contribute to steady, inclusive and sustainable economic growth, full and productive employment and decent jobs for everybody. Method: Both official sources of government statistics and the results of sociological studies of the youth labor market by private consulting agencies in the field of human resources management have been used as an empirical base. Dynamics of the youth labor market, problems with employment and remuneration of labor are considered as interrelated factors of future sustainable economic growth of Russia. Results and Discussion: The paper formulates recommendations on the development of youth personnel for the sector of digital economy, training of young specialists taking into account new universal and professional competencies demanded by the market, improvement of state regulation of the youth labor market in territorial, sectoral and educational aspects.

Human capital is one of the key endogenous factors in economic growth, without which harmonious development of all sectors of the economy and strengthening of technological sovereignty are impossible. In this regard, one of the priority tasks of regional socio-economic policy is to identify methods to enhance the efficiency of human capital reproduction management. This objective necessitates a comprehensive analysis of the mechanisms through which human capital accumulates within regional contexts, in addition to its economic evaluation. The presented research endeavors to address these critical aspects. In the context of achieving the established objective, a review of the formulation of the theory of human capital was conducted, resulting in the development of a definition that aligns with the overarching goal. The classification of approaches to human capital assessment at the regional level is carried out and the limitations and prospects of using the cost approach in human capital assessment are substantiated. After methodological additions made on the basis of theoretical postulates of the human capital concept, the cost method proposed by M.Y. Dyakov was used to analyze the processes of human capital accumulation in the regions of the Urals Federal District for the period from 2017 to 2023 and its economic evaluation. In the presented study, the cost estimation of human capital in the regions of the Urals Federal District was obtained, which showed a stable positive vector of development. Despite the growth, the rate of human capital accumulation in all regions lags behind the GRP growth rate, which in the future may cause an increase in the human capital deficit. Conclusions were also drawn regarding the necessity to make further supplements to the presented methodology of human capital assessment.

The relevance of this article lies in the fact that modern technologies are rapidly changing the structure of global business, encouraging entrepreneurs to develop new strategies and approaches. Innovative business models are becoming a key factor in economic growth and competitiveness of companies. The main purpose of this article is to study innovative business models in technological entrepreneurship, analyze their successful application and assess their impact on the market. The article will examine the concept and key features of innovative business models, as well as analyze successful examples of companies using innovative approaches.

In the modern world, transport infrastructure serves as a key factor in international integration, ensuring the mobility of people, goods, capital, and knowledge. Globalization, in turn, intensifies the dependence of various countries’ economies on the efficiency of transport systems, creating new challenges and opportunities. The aim of the article is to examine the role of transport infrastructure in international integration in the context of globalization. The article analyzes the definitions of the concept of «transport infrastructure» by various authors and provides an author’s own definition of the discussed term. The elements of transport infrastructure are presented, it is determined that it is a multidimensional phenomenon. The transport infrastructure is examined as a factor of international integration. It is defined that transport infrastructure is an important factor in economic growth, population mobility, and the reduction of regional inequality. The article underscores the importance of integrating transport policy with the overall goals of sustainable development. The formation of a sustainable, innovative, and environmentally efficient transport system not only addresses current challenges but also lays the foundation for sustainable development in the future. The significance of innovative solutions, such as intelligent transport systems and the use of alternative energy sources, is underlined. The necessity of international cooperation, harmonization of standards, and investment to ensure the efficiency of the transport system is underscored. The UN Sustainable Development Goals are analyzed, particularly the impact of individual goals on the development of transport infrastructure. Thus, transport infrastructure plays a crucial role in ensuring the efficiency of international connections, the integration of countries and regions, as well as achieving the Sustainable Development Goals.

The article presents an analysis of the results of academic events held within the framework of the 8th St. Petersburg International Labor Forum, held on February 20–22, 2024. The focus of the work of the Labor Forum was on finding ways to overcome the difficult situation in the labor market that has developed recently. Thus, the traditions laid down at the previous seven forums continued to comprehensively consider the phenomena that are forming in the social and labor sphere under the influence of many factors, both negative and positive. The involvement of political figures, representatives of state and local government bodies, the business community, civil society institutions, and academic science in the work of the Labor Forum makes it possible to consolidate the opinions of all key participants in relevant relations. The main topic of discussion at numerous events of the Labor Forum was the problem of personnel shortages and ways to solve the problem of personnel hunger. The new difficulties faced by many countries of the world, including Russia, actualize the need to find new solutions to the problems of shortage in the labor market, build new logistics chains, reconsider the importance of labor migration, the diversity of forms of employment, and strengthen the humancentricity of the economy. Human capital plays a key role in these processes, the formation, maintenance and development of which act as a decisive factor in economic growth and social well-being. The resolutions proposed by the participants of individual events and the Labor Forum as a whole propose various mechanisms for attracting personnel aimed at both the development of human capital and the development of the domestic economy.

Public Investments Incentive Factors of Economic Growth - Case Study of Republic of North Macedonia

Tourism, as an important part of social progress, not only contributes to economic growth but also has the potential to catalyze changes in socio-cultural and ecological dimensions. The relevance of the topic of tourism as a tool for the local economic development of territorial communities of the Carpathian region of Ukraine is due to the following: tourism is a factor in economic growth, which contributes to the creation of new jobs, attracting investments and increasing the level of well-being of the population. Tourism affects the preservation and dissemination of cultural heritage, stimulates interest in preserving natural resources and ecosystems, and promotes understanding, tolerance, and environmental awareness. In challenging conditions such as martial law or other difficult situations, tourism can be a source of profit and a tool for the reconstruction and development of regions in need of support. The purpose of the article is to identify the trend of tourism development in the Carpathian region, its role and significance for local economic development, and on this basis to justify the advantages of their synergistic relationship. The research uses a set of scientific research methods of a general nature (analysis and synthesis, induction and deduction, abstraction, formalization) and a special one (content analysis, comparison, graphic), which made it possible to reveal meaningful interpretations of regularities regarding the understanding of the concepts of «local economic development» and «creative tourism» as well as characterize the synergistic relationship between them. It was established that the Carpathian region has significant tourism potential, and the dynamics of tax revenues from the tourism industry in the Lviv, Ivano- Frankivsk, Zakarpattia, and Chernivtsi regions show a positive result. The Ukrainian and world scientists` works were analyzed regarding the impact of tourism on the local economic development of territorial communities, as a result of which attention was focused on several advantages in the economy, socio-cultural sphere, and ecology.

Digitalization as a Factor of Economic Growth

The article examines the impact of the digital economy on the development of Ukraine's national economy, which is a key factor in economic growth in modern conditions of globalization. The digital economy covers a wide range of aspects, including the development of information and communication technologies, the integration of digital platforms, the automation of production processes, and the introduction of innovations in various sectors of the economy. Recent studies indicate a significant impact of the digital economy on the development of economic potential. At the same time, they emphasize the need to create favorable conditions for its further growth, particularly by investing in infrastructure, education, and cybersecurity. However, there are several unexplored aspects of the impact of digital transformation on the national economy. For a deeper understanding of this process, additional practical and theoretical research is needed that takes into account the characteristics of regional economies, the analysis of potential risks and mechanisms for their minimization, as well as the adaptation of existing economic models to modern challenges of digitalization. The main trends of digitalization in Ukraine and the world, their impact on labor productivity, the competitiveness of enterprises and the improvement of the standard of living of the population are considered. Particular attention is paid to the analysis of changes in such sectors as industry, finance, education, medicine and public administration, where digital technologies open up new opportunities for efficiency, innovation and transparency. Key challenges are identified, including the insufficient development of digital infrastructure, the shortage of qualified personnel, cybersecurity problems and unequal access to digital ser- vices. The prospects for digital transformation are outlined, which include the creation of favorable conditions for innovation, the adaptation of educational programs to the needs of the digital economy and the integration of mod- ern technologies into traditional industries. The conclusions of the article contain recommendations for overcoming existing barriers and realizing the potential of the digital economy for the sustainable development of the national economy of Ukraine.

In today’s global economy, government regulation of innovation is a key factor in economic growth and competitiveness. Countries apply different models of innovation support, depending on the specifics of their national economy, political system and strategic priorities. This article examines the main global models of innovation regulation, including the American (liberal market), European (socially oriented), Chinese (dominated by public administration) and Israeli (startup-oriented) models, providing a comparative analysis of their strengths and weaknesses. The author analyzes the key mechanisms of state support for innovation, such as financing research and development (R&D), both directly through grants and indirectly through support for research institutions; providing tax benefits and other financial incentives for innovative companies; developing public-private partnerships (PPPs), which leverage the expertise and resources of both sectors; and ensuring the protection of intellectual property rights, a critical component for incentivizing investment in innovation. Particular attention is paid to the specifics of the functioning of innovation ecosystems in each model, including the role of universities, research centers, venture capital funds, and business incubators, as well as the less formal networks of collaboration that contribute to knowledge transfer. The study shows that the most effective models are those that combine elements of government intervention with market mechanisms, creating a dynamic balance that fosters both creativity and efficiency, ensuring acceleration of technological progress, stimulation of innovation activity and stable economic growth. It has also been found that the success of innovation policy largely depends on the ability of the state to adapt its strategy to changing global market conditions and technological trends, requiring a flexible and forward-looking approach. An important factor is the creation of a favorable investment climate, characterized by regulatory certainty and access to capital, and ensuring effective interaction between all participants in the innovation process: the state, business, research institutions and civil society, fostering a culture of open communication and collaboration. The results of the study may be useful for improving the national innovation policy, providing policymakers with insights and best practices taking into account the best international practices.

The article is devoted to the development of theoretical and applied foundations for the formation of an effective strategy for managing the intellectual potential of the national economy in conditions of dynamic challenges. The study analyzes the role of intellectual resources in ensuring competitiveness and sustainable development of the economy. In the context of global competition and the transition to a knowledge-based economy, intellectual potential is a key factor in economic growth and national security. Insufficient systematic management of intellectual resources, weak integration of science, education and business, and non-adaptation to technological changes determine the relevance of developing strategies for the implementation of intellectual potential. The purpose of the article is to substantiate the principles and mechanisms for forming a strategy for managing intellectual potential, aimed at increasing innovative activity, competitiveness of the national economy and ensuring sustainable development. The research was conducted using a systemic approach, comparative analysis methods, assessment of the state of intellectual capital and literature review. The components of intellectual potential (human capital, scientific and technological, information and communication, institutional and managerial) and factors of their development for Ukraine were analyzed. Intellectual potential was defined as a systemic resource that includes human capital, scientific and technological capabilities, information resources and institutional conditions. The stages of strategy formation were proposed: analysis of the state, definition of goals, development of tools, implementation and monitoring. Recommendations include the creation of innovative infrastructure, modernization of education, stable financing of science and international cooperation. Further research should focus on the development of models for monitoring intellectual capital, adaptation of strategies to regional specifics and institutional instability, as well as on improving mechanisms for integrating science, education and business to strengthen the innovation ecosystem.

Foreign economic relations play a crucial role in the development of every country, facilitating its integration into the global economic system. International trade is one of the key forms of such relations, providing the exchange of goods and services between different countries, including the export and import of goods and services. The purpose of the work is to analyze the statistical data of import of animal products to Ukraine during 2020–2022, to identify trends and factors that influenced changes in the volume of import in modern conditions. Import, as a component of international trade, allows a country to gain access to resources, technologies, and goods that it does not produce on its own, meeting the needs of the domestic market and promoting the development of production. In addition, imports can provide the country with critical goods such as energy, raw materials, medical equipment, ensuring its economic and national security. As well as animal products, namely live animals; meat and edible offal; fish and crustaceans; milk and dairy products, poultry eggs; natural honey and other products of animal origin. The import of animal products plays an important role in ensuring the country's food security and meeting the needs of the population for high-quality food products. Imports can be particularly important for countries that have limited resources for the development of their own animal husbandry or fisheries, or to meet the specific needs of certain categories of consumers. With a balanced approach, the import of animal products can become an important factor in ensuring food security, developing the domestic market and meeting the needs of consumers in a variety of high-quality food products. The development of foreign economic activity is associated with certain challenges and risks, such as dependence on foreign markets, fluctuations in world prices and competition from foreign manufacturers. However, with effective state regulation and support of domestic producers, international trade and imports can become a powerful factor in economic growth and development of the country. The article analyzes the import of animal products by dynamics and structure for 2020–2022.

A detailed analysis of interconnections between key indicators shaping the Inclusive Development Index (IDI) was conducted to evaluate the relationships between economic, social, and environmental characteristics of the studied countries. This approach is essential for identifying the main drivers of inclusive development and recognizing factors that may hinder sustainable growth, creating opportunities for more effective policymaking. The analysis demonstrates that some indicators, such as X1 (GDP per capita), X2 (labor productivity), X3 (healthy life expectancy), and X4 (employment rate), exhibit strong positive relationships. For example, labor productivity (X2) strongly correlates with GDP per capita (X1) at 0,938, highlighting productivity as a key factor in economic growth. Additionally, the positive relationship between labor productivity (X2) and healthy life expectancy (X3) (0,680) emphasizes the role of economic growth in improving social conditions and quality of life. However, indicators such as X7 (wealth Gini coefficient) and X5 (income Gini coefficient) show weak or negative correlations with economic and social characteristics, such as X1 and X3, indicating that inequality can limit the positive effects of economic progress on social welfare. Environmental and demographic indicators also play a significant role. Pollution intensity (X10) negatively correlates with GDP (X1) (-0,717) and labor productivity (X2) (-0,708), reflecting the trend of reduced environmental burden in more developed countries. Demographic dependency (X12) negatively correlates with GDP per capita (X1) (-0,489) and labor productivity (X2) (-0,531), illustrating the challenges faced by economies with aging populations and a high proportion of dependents. Overall, economic indicators like GDP per capita (X1) and labor productivity (X2) serve as key drivers of inclusive development, while social inequality (X5, X7) and environmental burden (X10) act as significant challenges. Addressing these barriers and focusing on demographic and social issues are vital for achieving inclusive and sustainable development. Future research aims to develop models for assessing inclusive development using advanced tools such as fuzzy logic and neural networks, ensuring a comprehensive approach to enhancing the IDI.

The article is dedicated to the analysis of the dynamics of the social capital index and key macroeconomic indicators of Ukraine and the European Union countries from 2013 to 2023. The aim of the research is to identify differences in the nature of the formation of social cohesion and its relationship with economic development. The study uses the social capital indicator from the Prosperity Index (Legatum Institute), which combines assessments of interpersonal trust, civic engagement, social connections, and tolerance. Data analysis shows that in the EU countries, especially in Central and Eastern Europe, the growth of social capital has a systemic, evolutionary character, accompanied by a stable increase in GDP per capita, a decrease in unemployment, and controlled inflation. Such dynamics indicate the efficiency of long-term structural reforms and the implementation of cohesion policies that create a favorable institutional environment, reduce transaction costs, and stimulate investment. The experience of these countries confirms a bilateral causal relationship between social cohesion and economic growth. In Ukraine, the highest growth rates of social capital have been recorded among the studied countries, especially after 2020. However, this growth is predominantly reactive in nature, driven by the mobilization response of society to the COVID-19 pandemic and the full-scale war, and is not accompanied by a significant improvement in basic economic indicators. High GDP volatility, increased inflation rates, and a vulnerable labor market indicate a lack of a solid economic foundation for the sustainable development of cohesion. This highlights the necessity for institutional consolidation of mechanisms for participation, trust, and solidarity to transform social cohesion into an effective factor for long-term economic growth and increased resilience to external shocks.

Development of skill is a root factor for sustainable economic growth in India

In the context of globalization and accelerating digitalization, companies’ patent activity has become a key factor in regional economic growth. This paper examines the impact of spatial concentration and interaction effects, as well as government support, on the number of patents filed by technological companies in European regions. The key differences among Marshall, Jacobs, and MAR (Marshall–Arrow–Romer) effects are analyzed in terms of specialization or concentration, types of interactions, and assessment tools. An econometric analysis was conducted using statistical data from 124 regions for the period 2017–2022. The results demonstrate that a significant share of industrial companies exhibit a high level of technological intensity. The COVID‑19 pandemic negatively affected the resilience of European industries, leading to disruptions in supply chains and shortages of goods and components. Nonetheless, industries with high innovation intensity experienced faster growth rates. For most European countries, moderate growth in the number of patent applications was observed, reflecting a general interest in innovation. However, large economies such as Germany, Switzerland, and France continue to dominate, while smaller countries display either rapid growth or unstable trends. Agglomeration processes in regions have a positive impact on companies’ patent activity. The relationship between these two indicators strengthened during the 2017–2022 period, driven by the creation of favorable environments for innovation and knowledge exchange. In regions where enterprises, research institutions, and skilled labor are concentrated, interactions among companies, universities, and research centers intensify, accelerating the diffusion of ideas and technologies. An increase in the Herfindahl-Hirschman Index, which measures market concentration, leads to a decrease in the number of patent applications in European regions. This can be technically explained by the predominance of large and medium-sized companies in the sample, which are the primary filers of patent applications. However, such growth in market concentration may also reduce competition and resource availability for new entrants, as well as diminish incentives to develop new technologies. Addressing this issue requires fostering competition, creating equal opportunities for startups and small businesses, and incentivizing investment in research activities. Government support has a positive effect on patent activity. The scientific novelty of this study lies in identifying spatial and institutional factors that contribute to enhancing the innovation potential of European regions. The practical significance of the research lies in its potential application for developing policy recommendations aimed at stimulating regional innovation activities.

In the context of the fourth industrial revolution, digitalization of education is acquiring key importance as a factor in sustainable economic growth and formation of human capital. The aim of the study is a comprehensive analysis of the impact of digital educational platforms on professional education and the labor market. The article discusses the features of the integration of digital technologies into the educational process, the transformation of goals and forms of training, as well as changes in the structure of interaction between students, teachers and employers. Examples of using digital platforms in the secondary vocational education system are given, including practices of personalized learning, skills certification, and the formation of digital competencies. Particular attention is paid to the challenges of digitalization: digital inequality, a shortage of competencies among teachers, a decrease in student motivation, and cybersecurity threats. The author emphasizes that successful digital transformation of education requires coordinated efforts by the state, business, and the scientific community, as well as investments in infrastructure, pedagogical support, and methodological resources. It is concluded that digitalization is not just a technological trend, but a necessary condition for adapting the educational system to the challenges of the global economy and the future labor market.