Authors:
Milja Marčeta Ministry of Education, Masarykova 16, SI-1000 Ljubljana, Slovenia

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Štefan Bojnec University of Primorska, Faculty of Management, Izolska vrata 2, SI-6000 Koper, Slovenia

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https://orcid.org/0000-0002-1270-6372
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Abstract

This paper examines the effect of factors of national competitiveness measured by the Global Competitiveness Index (GCI). It aims to identify the key factors that determine GCI of the European Union (EU-28) countries. We observe the composite indicator of GCI and the 12 factors of competitiveness in the period of 2008–2019 focusing on the links between the GCI and the factors of institutions, infrastructure, macroeconomic environment and its stability and market size. The GCI is determined using correlation and regression analyses and Structural Equation Model. A significantly positive relationship with the GCI is confirmed for institutions, infrastructure, macroeconomic environment and stability, labour market efficiency, market size, technological readiness in terms of information and communication technologies, and business sophistication and dynamism, but not for higher education and training and financial market development. The quality institutions are confirmed as a fundamental positive factor for the GCI together with macroeconomic environment and stability and market size. The study contributes with an empirical analysis that confirms the relationship between the selected factors of competitiveness and the GCI in the EU-28 countries.

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Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • David Kemme, University of Memphis, USA
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
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