Economic Growth and Sustainable Development: Evidence from Central and Eastern Europe
There has been a large amount of literature dedicated to the determinants of economic growth recently. However, the majority of the literature so far has been concentrating on single factors and countries as examples. This research considers the effects of carbon dioxide emissions, tourism arrivals, foreign direct investments, trade and domestic support on economic growth in Central and Eastern Europe. The paper uses panel data econometrics between 1995 and 2014 to perform its calculations. Results suggest a positive relationship between tourism arrivals, foreign direct investment, trade, domestic support and economic growth, while CO2 emissions were found to be negatively related to economic growth in the region. Policy and decision makers in the region might find our results useful when thinking about drivers of economic growth.
Keywords: Tourism demand, foreign direct investment, carbon dioxide emissions, economic growth, panel data.
JEL Classifications: O13, F64, Z32.