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Socio-Economic Development and Economic Growth: Trends in the European Union

The purpose of this section is twofold: to give a critical review of socio-economic development indicators (by focusing on composite indices and country/region-specific system of indicators), and in the empirical part to test the comparability of EU countries’ scores/ranks based on two composite indices: HDI and SEDA. The results of the analysis point to the strong correlation between SEDA and HDI measurement, which should be tested in future works on a broader set of countries and on longer time series by using the correlation matrix. To determine the critical factors of socio-economic development, policy makers should conduct analysis beyond the total scores.

socio-economic development, economic growth, indicators, SEDA, HDI, European Union

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