Multidimensional assessment of human development is increasingly recognized as playing an important role in assessing well-being. The focus of analysis is on the indicators measuring the three dimensions of Human Development Index (HDI) — standard of living, education and health, and their relationship with public social spending for achieving the 2030 Agenda for Sustainable Development. The study estimates the effects of public social spending on gross national income (GNI) per capita (in PPP in $), expected years of schooling and life expectancy for a sample of 68 countries. The relationship is robust to controlling for a variety of factors and the estimated magnitudes suggest a positive long-run effect of public educational spending on GNI per capita, public educational spending on expected years of schooling, and public health expenditures on life expectancy.

This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007-13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014-20.

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The development of the economies of the Central and Eastern Europe (CEE) with the support of the European Structural Funds aims to help the countries to carry out the structural transformation and to increase the efficiency of their economies as a basis for long-term economic growth. Estimates of the fiscal impact of the European Structural Funds on aggregate demand for each country through the approach and assumptions of Rosenberg and Sierhe (2007) on the crowding out effect of EU funds on aggregate activity demonstrate their role as a fiscal stimulus for aggregate economic activity. Estimates justify that the impact of European funds on economic growth may reach between 1.5% and 3% of GDP above the baseline scenario, depending on the degree of substitution of European funded and nationally funded projects. EU funds can increase growth, but only if supported by long-term national policies and priorities to ensure economic and social cohesion and achievement of the average European standards.