Eva Ivanová
Jana Masárová
 

Alexander Dubček University of Trenčín, Faculty of Social and Economic Relations, Trenčín, Študentská 3, Slovak Republic

DOI: https://doi.org/10.31410/ITEMA.2018.303

2nd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2018 – Graz, Austria, November 8, 2018, CONFERENCE PROCEEDINGS published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-13-4

Abstract

Economic Indicators such as Index of Economic Freedom and Gross Domestic Product are interrelated, thus it is interesting to observe their trend as well as to measure their mutual influence separately. The Index of Economic Freedom is a composite index being compiled from the assessment of ten categories within the four key domains. Countries with higher Economic Freedom Index have higher economic performance as well as faster gross domestic product growth, and higher gross domestic product per capita.

We observe the development analysis of both indicators within the V4 countries in a wider context of European countries. Within the period under review, the best values within the surveyed indicators of V4 countries were reached by Czech Republic, relatively the worst values were obtained by Poland. The GDP growth rate in V4 countries was highest in Slovak Republic and Czech Republic within the observed period, meanwhile a decline in GDP growth was observed by all V4 countries that experienced a strong financial crisis in 2009. Czech Republic has been reaching the highest GDP per capita values within the V4 countries during the whole period under review.

Time series analysis, comparison and correlation analysis are the basic methods of finding and assessing the issue. The processing data were obtained from the Eurostat database, Fraser Institute, and The Heritage Foundation.

Key words

Gross Domestic Product, Economic Growth, Economic Freedom, Index of Economic Freedom, Economic Freedom of the World, V4 Countries.


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