ESC
Clarivate

 
Source: Journal Citation ReportsTM from ClarivateTM 2022

Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2022) 1.7
Journal Citation IndicatorTM (2022) 0.42
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


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

11


Number

2


Issue date

December 2023


Issue DOI


ISSN

ISSN 2345-0282 (online)


Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 646  |  PDF downloads: 246

References


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

Search via ReFindit


Beirne, J., & Fernandez, D. G. eds. 2022. Harnessing Digitalization for Sustainable Economic Development Insights for Asia. Asian Development Bank Institute. https://www.adb.org/sites/default/files/publication/761526/adbi-harnessing-digitalization-122421-web.pdf

Search via ReFindit


Boronenko, V., & Drezgic, S. 2014. Economic determinants of territory competitiveness and development sustainability. Social Sciences Bulletin = Sociālo Zinātņu Vēstnesis, 19(2), 44-67.

Search via ReFindit


Boronenko, V., Mensikovs, V., Lonska, J., & Ohotina, A. 2015. Rethinking territory development in the global world based on the pluralistic paradigm. Proceedings of the X International Scientific Conference "Economic Integrations, Competition and Cooperation", Faculty of Economics of the University of Rijeka (EFRI). https://www.efri.uniri.hr/upload/Nastavnici%20i%20istrazivanja/KONFERENCIJE%20EFRI/euCONF/euconf_2013.pdf

Search via ReFindit


Carbonnier, G., Campodónico, H., & Vázquez S. T. eds. 2017. Alternative Pathways to Sustainable Development: Lessons from Latin America. Brill. https://doi.org/10.1163/9789004351677

Search via ReFindit


Cifuentes-Faura, J. 2022. European Union policies and their role in combating climate change over the years. Air Quality, Atmosphere, & Health, 15(8), 1333-1340. https://doi.org/10.1007/s11869-022-01156-5

Search via ReFindit


Costanza, R., de Groot, R., Sutton, P., van der Ploeg, S., Anderson, Sh. J., Kubiszewski, I., Farber, S., & Turner, R. K. 2014a. Changes in the global value of ecosystem services. Global Environmental Change, 26, 152-158. https://doi.org/10.1016/j.gloenvcha.2014.04.002

Search via ReFindit


Costanza, R., Kubiszewski, I., Giovannini, E., Lovins, H., McGlade, J., Pickett, K. E., Ragnarsdóttir, K. V., Roberts, D., De Vogli, R., & Wilkinson, R. 2014b. Development: Time to leave GDP behind. Nature, 505, 283-285. https://doi.org/10.1038/505283a

Search via ReFindit


D'Allessandro, S., Dittmer, K., Distefano, T., & Cieplinski, A. 2018. EUROGREEN Model of Job Creation in a Post-Growth Economy. The Greens and EFA in the European Parliament. https://people.unipi.it/simone_dalessandro/wp-content/uploads/sites/78/2018/10/EUROGREEN_Project.pdf

Search via ReFindit


Dual Citizen. 2023. Global Green Economy Index (GGEI). https://dualcitizeninc.com/global-green-economy-index/

Search via ReFindit


European Commission. 2023a. Sustainable Development Goals. Strategy and Policy. https://commission.europa.eu/strategy-and-policy/sustainable-development-goals_en

Search via ReFindit


European Commission. 2023b. Population on 1 January. Eurostat. https://ec.europa.eu/eurostat/databrowser/view/tps00001/default/table?lang=en

Search via ReFindit


European Committee for Social Cohesion. 2004. A New Strategy for Social Cohesion. Revised strategy for Social Cohesion approved by the Committee of Ministers of the Council of Europe on 31 March. https://www.coe.int/t/dg3/socialpolicies/socialcohesiondev/source/RevisedStrategy_en.pdf

Search via ReFindit


European Parliament. 2023. Combating climate change. Fact Sheets on the European Union. https://www.europarl.europa.eu/factsheets/en/sheet/72/combating-climate-change

Search via ReFindit


Eurostat Statistics Explained. 2023. Volume of indices of GDP per capita, 2022. GDP per Capita, Consumption per Capita and Price Level Indices. ,_consumption_per_capita_and_price_level_indices https://ec.europa.eu/eurostat/statistics-explained/index.php?title=GDP_per_capita

Search via ReFindit


Focardi, S., & Fabozzi, F. J. 2023. The theory of qualitative economic growth: A new framework for economic growth theory. Series: Economic Issues, Problems and Perspectives. NOVA. https://doi.org/10.52305/QGRQ5553

Search via ReFindit


Gkorezis, P., & Petridou, E. 2017. Corporate social responsibility and pro-environmental behaviour: organizational identification as a mediator. European Journal of International Management, 11(1), 1-18. https://doi.org/10.1504/EJIM.2017.081248

Search via ReFindit


Global Green Growth Institute. 2023. Scores and Ranks for Green Growth Index. https://greengrowthindex.gggi.org/?page_id=2547

Search via ReFindit


Hamilton, K. 1994. Green adjustments to GDP. Resources Policy, 20(3), 155-168. 90048-5 https://doi.org/10.1016/0301-4207(94)

Search via ReFindit


Hamilton, K. 1995. Sustainable development, the Hartwick rule and optimal growth. Environmental and Resource Economics, 5, 393-411. https://doi.org/10.1007/BF00691576

Search via ReFindit


Hartwick, J. M. 1990. Natural resources, national accounting and economic depreciation. Journal of Public Economics, 43(3), 291-304. 90002-Y https://doi.org/10.1016/0047-2727(90)

Search via ReFindit


Hickel, J. 2019. Degrowth: A theory of radical abundance. Real-World Economics Review, 87(19), 54-68. http://www.paecon.net/PAEReview/issue87/Hickel87.pdf

Search via ReFindit


Hickel, J. 2021. What does degrowth mean? A few points of clarification. Globalizations, 18(7), 1105-1111. https://doi.org/10.1080/14747731.2020.1812222

Search via ReFindit


Huambachano, M. 2011. Sustainable development in South America. International Journal of Environmental Cultural Economic and Social Sustainability Annual Review, 7(4), 33-46. https://doi.org/10.18848/1832-2077/CGP/v07i04/54965

Search via ReFindit


Human Development Report Office. 2022. Uncertain Times, Unsettled Lives: Shaping our Future in a Transforming World. Human Development Report 2021/2022. https://hdr.undp.org/content/human-development-report-2021-22

Search via ReFindit


Kasztelan, A. 2017. Green growth, green economy and sustainable development: Terminological and relational discourse. Prague Economic Papers, 26(4), 487-499. https://doi.org/10.18267/j.pep.626

Search via ReFindit


Komarova, V. 2016. Many "Developments" in One World. LAP LAMBERT Academic Publishing.

Search via ReFindit


Komarova, V., & Drezgic, S. 2016. Price of progress: Humanitarian price of technological progress in the global world. Social Sciences Bulletin = Sociālo Zinātņu Vēstnesis, 22(1), 7-27. https://du.lv/wp-content/uploads/2022/11/SZF-vestnesis_2016_1_DRUKA-jauns.pdf

Search via ReFindit


Kuznets, S. 1949. Notes on the quantitative approach to economic growth. Universities-National Bureau Committee for Economic Research (Ed.). Problems in the Study of Economic Growth. NBER, 115-172. https://www.nber.org/system/files/chapters/c9513/c9513.pdf

Search via ReFindit


Lange, S., Campagne, C. S., Comte, A., Bank, E., Santos-Martín, F., Maes, J., & Burkhard, B. 2022. Progress on ecosystem accounting in Europe. Ecosystem Services, 57, 101473. https://doi.org/10.1016/j.ecoser.2022.101473

Search via ReFindit


Li, V., & Lang, G. 2010. China's Green GDP: Experiment and the struggle for ecological modernization. Journal of Contemporary Asia, 40(1), 44-62. https://doi.org/10.1080/00472330903270346

Search via ReFindit


Lonska, J., & Boronenko, V. 2015. Rethinking competitiveness and human development in global comparative researches. Procedia Economics and Finance, 23, 1030-1036. 00475-X https://doi.org/10.1016/S2212-5671(15)

Search via ReFindit


Ma, G., Wang, J., Yu, F., Yang, W., Ning, J., Peng, F., Zhou, X., & Zhou, Y. 2020. Framework construction and application of China's Gross Economic-Ecological Product accounting. Journal of Environmental Management, 264, 109852. https://doi.org/10.1016/j.jenvman.2019.109852

Search via ReFindit


MacGregor Pelikánová, R. 2019. Corporate Social Responsibility information in Annual Reports in the EU - A Czech case study. Sustainability, 11, 237. https://doi.org/10.3390/su11010237

Search via ReFindit


Markard, J., Raven, R., & Truffer, B. 2012. Sustainability transitions: An emerging field of research and its prospects. Research Policy, 41, 955-967. https://doi.org/10.1016/j.respol.2012.02.013

Search via ReFindit


Meadows, D. H., Meadows, D. L., Randers, J., & Behrens III, W. W. 1972. The Limits to Growth. A Report for the Club of Rome's Project on the Predicament of Mankind. https://doi.org/10.1349/ddlp.1

Search via ReFindit


Mentes, M. 2023. Sustainable development economy and the development of green economy in the European Union. Energy, Sustainability and Society, 13, 32. https://doi.org/10.1186/s13705-023-00410-7

Search via ReFindit


Mikušová, M. 2017. To be or not to be a business responsible for sustainable development? Survey from small Czech businesses. Economic Research = Ekonomska istraživanja, 30(1), 1318-1338. https://doi.org/10.1080/1331677X.2017.1355257

Search via ReFindit


Niu, L., Wang, J.-Y., Xi, F.-M., Yin, Y., Bing, L.-F., Ma, M.-J., & Zhang, W.-F. 2021. Gross economic-ecological product accounting of Fuzhou City, China. Ying Yong Sheng Tai Xue Bao, 32(11), 3793-3804. https://doi.org/10.13287/j.1001-9332.202111.015

Search via ReFindit


Okunevičiūtė Neverauskienė, L., Danilevičienė, I., & Tvaronaviciene, M. 2020. Assessment of the factors influencing competitiveness fostering the country's sustainability. Economic Research = Ekonomska Istraživanja, 33(1), 1909-1924. https://doi.org/10.1080/1331677X.2020.1763821

Search via ReFindit


Our World in Data team. 2023. SDG Tracker: Measuring progress towards the Sustainable Development Goals. OurWorldInData.org. https://ourworldindata.org/sdgs

Search via ReFindit


Ouyang, Zh., Song, Ch., Zheng, H., Polasky, S., Xiao, Y., Bateman, I. J., Liu, J., Ruckelshaus, M., Shi, F., Xiao, Y., Xu, W., Zou, Z., & Daily, G. C. 2020. Using Gross Ecosystem Product (GEP) to value nature in decision making. Biological Sciences, 117(25), 14593-14601. https://doi.org/10.1073/pnas.1911439117

Search via ReFindit


Pearce, D. W., & Atkinson, G. D. 1993. Capital theory and the measurement of sustainable development: an indicator of 'weak' sustainability. Ecological Economics, 8(2), 103-108, 90039-9 https://doi.org/10.1016/0921-8009(93)

Search via ReFindit


Pokharel, S. B., & Bhandari, B. P. 2017. Green GDP: Sustainable Development. The Himalayan Times. https://thehimalayantimes.com/

Search via ReFindit


Rauch, J. N., & Chi, Y. F. 2010. The Plight of Green GDP in China. Consilience: The Journal of Sustainable Development, 3(1), 102-116. https://doi.org/10.7916/D8FX794J

Search via ReFindit


Rauniyar, G., & Kanbur, R. 2010. Inclusive growth and inclusive development: a review and synthesis of Asian Development Bank literature. Journal of the Asia Pacific Economy, 15(4), 455-469. https://doi.org/10.1080/13547860.2010.517680

Search via ReFindit


Razminienė, K., Vinogradova-Zinkevič, I., & Tvaronaviciene, M. 2021. Tracing relationship between cluster's performance and transition to the circular economy. Sustainability, 13(24), 13933. https://doi.org/10.3390/su132413933

Search via ReFindit


Rybalkin, O. 2020. Green innovation analysis (Case study: the EU states). Journal of International Economic Research, 6(1), 20-31.

Search via ReFindit


Rybalkin, O. 2022. Sustainable development goals progress in the European Union: correlation with EEPSE Green Economy Index. ACCESS Journal: Access to Science, Business, Innovation in Digital Economy, 3(2), 121-135. https://doi.org/10.46656/access.2022.3.2(3)

Search via ReFindit


Rybalkin, O. 2023. Green Economy in the Context of the European Union's Sustainable Development in 2017-2020. Summary of the Ph.D. thesis. Daugavpils University. https://du.lv/wp-content/uploads/2023/08/3.-SUMMARY_RYBALKIN_FINAL-1.pdf

Search via ReFindit


Ryszawska, B. 2013. Green Economy - Theoretical Foundations of the Concept and Measurement of Its Implementation in the European Union. Wrocław: Publishing house of the University of Economics.

Search via ReFindit


Ryszawska, B. 2015. Green economy indicators. Burchard-Dziubińska M. (Ed.). Towards a Green Economy. From Ideas to Practice. Lodz: Publishing House of the University of Lodz, 31-52. https://www.researchgate.net/publication/292147307_Green_Economy_Indicators#fullTextFileContent

Search via ReFindit


Sánchez Garcia, J. L., & Díez Sanz, J. M. 2018. Climate change, ethics and sustainability: An innovative approach. Journal of Innovation & Knowledge, 3(2), 70-75. https://doi.org/10.1016/j.jik.2017.12.002

Search via ReFindit


Škare, M., Tomić, D., & Stjepanović, S. 2021. 'Greening' the GDP: A New International Database on Green GDP 1970-2019. Version 1. https://doi.org/10.17632/24vbg29y48.1

Search via ReFindit


Stjepanović, S., Tomić, D., & Škare, M. 2019. Green GDP: An analysis for developing and developed countries. Economics, XXII, 4. https://doi.org/10.15240/tul/001/2019-4-001

Search via ReFindit


Stjepanović, S., Tomić, D., & Škare, M. 2022. A new database on Green GDP 1970-2019: A framework for assessing the green economy. Oeconomia Copernicana, 13(4), 949-975. https://doi.org/10.24136/oc.2022.027

Search via ReFindit


Sustainable Development Solutions Network. 2022. Europe Sustainable Development Report 2022. Achieving the SDG's: Europe's Compass in a Multipolar World. https://s3.amazonaws.com/sustainabledevelopment.report/2022/europe-sustainable-development-report-2022.pdf

Search via ReFindit


United Nations Economic Commission for Europe (UNECE). 2023. Gross Domestic Product (GDP) per Capita. https://w3.unece.org/PXWeb/en/Table?IndicatorCode=12

Search via ReFindit


United Nations. 1987. Our Common Future: United Report of the World Commission on Environment and Development [Brundtland report]. https://sustainabledevelopment.un.org/content/documents/5987our-common-future.pdf

Search via ReFindit


United Nations. 2023a. The Quest for Green GDP. https://seea.un.org/events/quest-green-gdp

Search via ReFindit


United Nations. 2023b. Introduction to SEEA Ecosystem Accounting. System of Environmental-Economic Accounting. https://seea.un.org/Introduction-to-Ecosystem-Accounting

Search via ReFindit


United Nations. 2023c. Nations Conference on the Human Environment, 5-16 June 1972, Stockholm. Conferences - Environment and Sustainable Development. https://www.un.org/en/conferences/environment/stockholm1972

Search via ReFindit


Vimochana, M. 2017. Green GDP calculations in developed and developing countries. International Journal of Multidisciplinary Research and Development, 4(6), 244-251. https://www.allsubjectjournal.com/assets/archives/2017/vol4issue6/4-5-46-862.pdf

Search via ReFindit


Wang, J., Yu, F., Ma, G., Peng, F., Zhou, X., Wu, Ch., Yang, W., Wang, Ch., Cao, D., Jiang, H., Jing, H., Qu, Sh., & Xu, M. 2021. Gross economic-ecological product as an integrated measure for ecological service and economic products. Resources. Conservation and Recycling, 171, 105566. https://doi.org/10.1016/j.resconrec.2021.105566

Search via ReFindit


Wang, L., Su, K., Jiang, X., Zhou, X., Yu, Zh., Chen, Zh., Wei, Ch., Zhang, Y., & Liao, Zh. 2022. Measuring Gross Ecosystem Product (GEP) in Guangxi, China, from 2005 to 2020. Land, 11(8), 1213. https://doi.org/10.3390/land11081213

Search via ReFindit


Wang, Y.-Y. 1996. Sustainable economic development. Guitián M., Mundell R. A. (Eds.). Inflation and Growth in China. International Monetary Funds, Chapter 8, 123-133. https://doi.org/10.5089/9781557755421.071

Search via ReFindit


World Bank Group. 2022. Country Climate and Development Report (CCDR) for China. https://www.worldbank.org/en/country/china/publication/china-country-climate-and-development-report

Search via ReFindit


Wu, C. F., Chang, T, Wu, T.P., Leng, K.J., Lin, M.C., & Huang, S. C. 2022. Impact of globalization on the environment in major CO2-emitting countries: Evidence using bootstrap ARDL with a Fourier function. Frontiers in Public Health. 10, 907403. https://doi.org/10.3389/fpubh.2022.907403

Search via ReFindit


Xia, W., Apergis, N., Bashir, M. F., Ghosh, S., Doğan, B., & Shahzad, U. 2022. Investigating the role of globalization, and energy consumption for environmental externalities: Empirical evidence from developed and developing economies. Renewable Energy, 183, 219-228. https://doi.org/10.1016/j.renene.2021.10.084

Search via ReFindit


Zhao, N., Wang, H., Zhong, J., Bai, Y., & Yi, S. 2023. Evaluation of the Gross Ecosystem Product and analysis of the transformation path of "Two Mountains" in Hulunbuir City, China. Land, 12(1), 63. https://doi.org/10.3390/land12010063

Search via ReFindit


Zhu, Ch. 2022. Conceptualizing and evaluating inclusive economic development: A productivity perspective. Development Studies Research, 9(1), 219-229. https://doi.org/10.1080/21665095.2022.2112729

Search via ReFindit