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“Magic Diamond†in a Macroeconomic Performance: an Empirical Assessment of Selected EU Countries

Author

Listed:
  • Jelena Stanojevic

    (International Business College Mitrovica, Mitrovica)

  • Gabrijela Velickovic

    (International Business College Mitrovica, Mitrovica)

Abstract

A stable macroeconomic environment plays a crucial role in the overall stability of an economy. Although macroeconomic stability cannot certainly drive the country’s productivity and competitiveness, its absence would have far-reaching consequences for its economy. The paper aims to analyze the macroeconomic performance of selected European (EU) countries, reflected in the “magic diamond “indicators: gross domestic product per capita, unemployment rate, inflation rate, and trade balance, striving to figure out what contributes the most to the economic development of a country. The study includes the EU countries that are in a transition from efficiency-driven to innovation-driven stage of development: Greece, Portugal, Spain, Cyprus, Malta and Slovenia, covering the 22 years’ period from 1995 to 2016. The findings have provided better understanding of the overall macroeconomic performance, relation between individual indicators among each other, and their contribution to the economic growth in the context of selected EU countries.

Suggested Citation

  • Jelena Stanojevic & Gabrijela Velickovic, 2022. "“Magic Diamond†in a Macroeconomic Performance: an Empirical Assessment of Selected EU Countries," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 587-605, December.
    • Handle: RePEc:nwe:eajour:y:2022:i:4:p:587-605
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    More about this item

    Keywords

    economic growth; EU countries; macroeconomic performance; magic diamond; macroeconomic indicators;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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