ECONOMIC GROWTH IN THE EU’S EaP COUNTRIES: DETERMINANTS AND PROSPECTS

Abstract

Economic growth is one of the main targets of economic policy of any country around the world. By strengthening the process of economic development, we can bring the state on the path of sustainable growth and ensure stability and security in it. Economic growth is influenced by various determinants. Of particular interest is the endogenous and exogenous nature of these factors. The main purpose of this paper is to determine the endogenous and exogenous factors that affected economic growth in the EU’s Eastern Partnership countries in the 2000-2015 period. We examined and determined the significance and robustness of various endogenous and exogenous factors influencing the economic growth in these countries, like investment, human capital, research and development, economic policies and macroeconomic conditions, openness to trade, geography, political factors and others. Based on the results of research, we outlined the prospects of economic growth in the countries investigated. To address the research questions and objectives this study was based on quantitative and qualitative research methods, using SPSS software.

Keywords

• economic development
• economic growth
• Eastern Partnership