Background and Purpose: The main purpose of this study is to find the key drivers of Global Competitiveness Index (GCI) in the European Union (EU-28) countries from the aspect of country’s global competitiveness: institutions, macroeconomic environment, infrastructure, higher education, market effectiveness, market size, technological readiness, innovation and business sophistication.Methodology: This paper investigates global competitiveness of the EU-28 countries with the use of GCI in the periods 2014-2015 and 2017-2018. The correlation analysis and regression analysis are applied for testing the set two hypotheses.Results: The empirical results confirmed our hypotheses that GCI is particularly significantly positively correlated with innovation and business sophistication, and universities-industry collaboration in researches, and clusters development.Conclusion: The paper contributes to the literature of global competitiveness, by examining the relationship of sub-indexes of competitiveness of the EU-28 countries, pointing out the influence of universities-industries collaboration in researches and cluster development with geographic concentration of companies. The results and findings can be relevant for science, economic and research policy, and managerial practices that enhance innovation and business sophistication for research in collaboration of companies, universities, higher education institutions, and decision makers. The implications of this study can be important for better understanding of drivers of the EU-28 countries global competitiveness.

Purpose This study aims to establish the position of the European Union (EU-28) countries in the dynamics of international trade openness linkages and the Global Competitiveness Index (GCI) in correlation with the gross domestic product (GDP) per capita, research and development (R&D) expenditures, innovation capability and information and communication technology (ICT) adoption. Design/methodology/approach In the panel data set, comparative analyses were applied to scatter diagrams, correlation and regression analyses and structural equation models using Eurostat and World Economic Forum (WEF) data for the EU-28 countries in the period 2008–2019. Findings The empirical results did not confirm the hypotheses that a positive correlation exists between GCI and trade openness indicators and between GDP per capita and GCI. The ICT adoption and innovation capability increase GCI, which affects GDP per capita. Practical implications The empirical results provide a better understanding of the importance of trade policies, particularly in terms of trade openness and trade shares of the EU-28 countries, as it could contribute to increasing the GCI of the EU-28 countries. Furthermore, the results of this study underline the importance of ICT adoption and innovation capability and the need for appropriate government policies that improve global competitiveness. Originality/value This study, through empirical analysis, demonstrates the existence of correlations between trade openness (exports as % of GDP, imports as % of GDP and export market shares as % of world trade), R&D expenditures, innovation capability, ICT adoption, GDP per capita and the GCI in the EU-28 countries. In addition, this study contributes managerial and policy-based implications on driving forces of global competitiveness.

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The main purpose of this study is to identify the dynamics of economic performance and competitiveness in the European Union (EU-28) countries and their convergences over the two periods, 2008-2015 and 2015-2019. The comparative analysis is used to answer the research question with applied the hierarchical cluster analysis, Ward's method, and t-test to test the set hypothesis. Eurostat and World Economic Forum data were used for the period 2008-2019. The empirical results confirmed our hypothesis that there are convergences in the key indicators of trade openness, exports as % of gross domestic product (GDP), market shares as % in world trade, GDP per capita, and global competitiveness index. The study contributes to the empirical analysis on the existence of convergences in a group of indicators of economic performance, trade openness, and global competitiveness of the EU-28 countries. The common clusters were formed, and the set hypothesis was tested regarding the convergences of the EU-28 countries by means of a hierarchical cluster analysis. Trade openness and export market shares in world trade, and competitiveness of EU28 countries are important for trade policies improving global competitiveness and improving convergences in the heterogeneity among the EU countries.