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Received: 2023-09-11 | Accepted: 2023-12-05 | Published: 2023-12-30

Title

Measuring the sustainability of economic development in the EU countries; a comparative analysis of the existing tools

Abstract

This article aims to analyze and compare the existing tools for measuring the sustainability of economic development in EU countries. The primary method of empirical data processing in the framework of this study is a comparative analysis of the ranks of EU countries by new measurement tools in relation to the traditional ones, GDP and HDI). Sources of empirical data are analytical reports of international organizations, international statistical information from various institutions, open-access databases, and individual researchers' publications. The results of a comparison of the ranks of EU countries by GDP, HDI, Green GDP, Sustainable Development Goals Index (SDG Index), Green Economy Index (GEI), Green Growth Index (GGI), Sustainable Development Green Index (SDGI) show that basically, the ranks of each specific country within all ratings analyzed in this study are similar. Still, there are some exceptions (for example, Luxembourg). Given these results, developing multiple 'green' indices instead of one traditional GDP from a practical point of view seems completely unjustified and unnecessary. However, the author believes that the main driving force behind individual researchers and entire organizations' search for new tools is the real need for more comprehensive and multidimensional approaches to measuring economic progress and sustainable development. The many proposed tools for measuring the sustainability of territorial development provide a broader picture. It is unlikely that one instrument is most suitable for measuring the sustainability of economic development of the EU countries since each of them allows evaluating the sustainability of development (both economic and general) from its unique discourse.

Keywords

sustainability of economic development, sustainability of territorial development, measurement tools, comparative analysis, green economy, circular economy, European Union countries

JEL classifications

Q56 , O44 , R11

URI

http://jssidoi.org/jesi/article/1151

DOI

DOI 10.9770/jesi.2023.11.2(29)

Pages

433-451

Funding

This research was funded by Daugavpils University (Latvia) within the ESF project No. 8.2.2.0/20/I/003 “To Strengthen Professional Competence of the Academic Staff of Daugavpils University in the Areas of Strategic Specialization, 3rd round“

This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Vītola, Zaiga

Daugavpils University, Daugavpils, Latvia https://du.lv

Articles by this author in: CrossRef | Google Scholar

Journal title

Entrepreneurship and Sustainability Issues

Volume

Number

Issue date

December 2023

Issue DOI

DOI 10.9770/jesi.2023.11.2

ISSN

ISSN 2345-0282 (online)

Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Article views & downloads

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References

Barbier, E. B. 1987. The concept of sustainable economic development. Environmental Conservation, 14(2), 101-110. https://doi.org/10.1017/S0376892900011449