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The Influence of Information and Communication Technology on Economic Growth in Europe

Author

Listed:
  • Brankica Pažun

    (University Union Nikola Tesla, Department of Informatics, Mathematics and Statistics, Faculty of Engineering Management)

  • Zlatko Langović

    (University of Kragujevac, Department of Business Economy, Faculty of Hotel Management and Tourism)

  • Vladica S. Stojanović

    (University of Criminal, Department of Informatics & Computer Sciences, Investigation & Police Studies)

  • Ana Langović Milićević

    (University of Belgrade, Faculty of Geography, Department of Tourism)

  • Ivan Božović

    (University of Kosovska Mitrovica, Faculty of Economics)

Abstract

Absct The aim of this study is to estimate thtrae influence of information and communication technology, based on the use of the ICT development index (measured by the number of Internet users, fixed broadband Internet subscribers, and the number of mobile subscriptions per 100 inhabitants), on economic development measured by gross domestic product (GDP) per capita. For this purpose, data were collected from a panel of 43 European countries from 2000 to 2020, and three econometric models were used to investigate the impact of ICT use on GDP per capita growth. First, multiple linear regression (MLR) and least absolute shrinkage and selection operator (LASSO) regression were used to research the impact of ICT use on individual countries. Then, a generalized linear dynamic data (GLD) panel model was taken to provide a general model of the dependence of the observed variables. Accordingly, a positive and significant relationship between real GDP per capita and ICT use in Europe is confirmed. The obtained results also show that the impact of ICT on economic growth is greater in low-income countries, i.e., those belonging to Eastern and Central Europe. It is crucial that governments follow the dynamics of the ICT sector and implement specific policies.

Suggested Citation

  • Brankica Pažun & Zlatko Langović & Vladica S. Stojanović & Ana Langović Milićević & Ivan Božović, 2025. "The Influence of Information and Communication Technology on Economic Growth in Europe," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(6), pages 17840-17868, December.
    • Handle: RePEc:spr:jknowl:v:16:y:2025:i:6:d:10.1007_s13132-024-02576-7
    DOI: 10.1007/s13132-024-02576-7
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    Keywords

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    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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