Comparative Assessment of Economic Development in the Countries of the European Union

Abstract

Investment, the entry of foreign firms depends of a large extent on the country’s goodwill, which is reflected in various ratings. This representation of the situation is approximate, as it does not estimate the differences between the values of the indicators with adjacent grades. This can be avoided by dividing countries into homogeneous groups. It is appropriate to do so on the basis of non-linear grouping rather than linear grouping. It is based on the transformation of data into a dimensionless scale and linear grouping. In the case, its homogeneity increases thanks to the levelling of the most distinctive values and the alignment of the statistical characteristics of the groups. The aim of the article is to propose in principle, a new approach to the ranking of countries on the basis of their level of economic development. It was found that the nonlinear decision of countries into homogenous groups and compared to the linear grouping more accurately reflect the current situation.

Government Artificial Intelligence Readiness and Brain Drain: Influencing Factors and Spatial Effects in the European Union Member States

“…From the perspective of our study, we want to find out to what extent economic growth influences government expenditure and we chose GDP as a reference, given its high degree of complexity, standardized methodology of determination and ability to reflect the fundamental aspects of the country's economic development (Trishch et al, 2023).…”