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SUSTAINABLE ECONOMIC GROWTH 2020: NORDIC AND BALTIC STATES: EMPIRICAL ASSESSMENT

Aija Pilvere, Irina Pilvere, Baiba Rivža

First published: 2020-09-20https://doi.org/10.5593/sgem2020/5.2/s21.061View metrics

Abstract

Climate change, Paris agreement and following strategies for sustainable environment are key direction in 21st century, in order to have an environment and economy to live in for this and next generations. This topic is on the agenda of several high-level task forces at United Nations (UN) and the European Commission (EC). While some definitions and terms are still blurred and unclear, there are already several measurement indicators, which are monitored. One of 17 UN sustainable development growth (SDG) goals, number eight is: decent work and economic growth. These indicators are already compiled based on the country, while an underlying factor influencing them, that is capital and financial market still needs to be assessed. It can either accelerate or slow the SDG goals. Main aim of this research is to empirically assess macroeconomic, as well as financial market and SDG goal number eight interrelation in the EU Nordic and Baltic countries. Authors analysed key macroeconomic and financial system indicators against the main required indicators by UN SDG goal eight. Regression, correlation and time series analysis were performed in order to determine Nordic and Baltic States current and historical development trends, as well as how comparable are their results when evaluating against main UN indicators for sustainable economic development goal eight. The research results, allowed to determine that in Baltic countries, especially in Latvia, there is difficulty observed with bank lending development during 2004-2018, which could be the reason for slowing down of access to funding by households, companies and economy in general and growth thereof. Recommendation has been put forward by authors to legislators and economists based on this analysis, to show where impact and additional analysis need to be focused, in order to achieve this goal and improve performance in particular region.

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Publication details

Title
SUSTAINABLE ECONOMIC GROWTH 2020: NORDIC AND BALTIC STATES: EMPIRICAL ASSESSMENT
Authors
Aija Pilvere, Irina Pilvere, Baiba Rivža
Proceedings
SGEM International Multidisciplinary Scientific GeoConference EXPO Proceedings; 20th International Multidisciplinary Scientific GeoConference Proceedings SGEM 2020, Ecology, Economics, Education and Legislation
Publisher
STEF92 Technology
Year
2020
Pages
497-506
SWS Citekey
Pilvere-Javorska202021497506
ISSN
1314-2704
ISBN
978-619-7603-11-8
Language
en
Publication type
Conference Paper
Keywords
sustainable economyfinancial marketNordic and Baltic countries.
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