Economic growth, competitiveness and quality of life

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JEL classification

• Hypothesis Testing: General
• General Welfare; Well-Being
• Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

Keywords

Competitiveness, economic growth, growth competitiveness index, human development index, quality of life

Abstract

Competitiveness of the economy is today increasingly a hot topic not only among politicians but also professional communities. We can meet with the competitiveness in micro and macroeconomic level. Competitiveness growth is the main aim of many governments, political parties and integrated economies, e.g. the Lisbon strategy or Europe 2020. The aim of this article is to determine whether economic growth represented by the growth rates of gross domestic product boosts competitiveness. The competitiveness will be measured by the Growth competitiveness index used by the World economic forum at first and then by the Human development index in next part. Research is carried out on annual basis data; in the first case the analysis carried out in 2001–2005, in the second in 2000–2007. For evaluation are selected OECD and BRIC countries. The method used in the paper could not confirm a positive and strong correlation between economic growth and competitiveness.