Quantitative analysis of the competitiveness of Benelux countries

Abstract

Economic competitiveness is not only a microeconomic problem for business management. It is also an important indicator of comparison among the economic development, advancement and sustainability of respective countries. The investigation of macroeconomic competitiveness of individual states is at the forefront of the discourse of both macroeconomic experts and politicians. In this study we focus on the economic competitiveness of the BENELUX countries, that is Belgium, the Netherlands and Luxemburg. The objective of the article is to identify the position of the BENELUX countries as an economic union with respect to global economy and the potential for the growth and sustainability of BENELUX economic competitiveness. The first part of the article addresses the theoretical principles of the given problematic, delineates competitiveness within its economic determinants and positions a discussion with specific focus on the BENELUX countries. The article also addresses the cooperation within the union of these states in terms of sustainability of competitiveness. The empirical part of the article analyses the competitiveness of the chosen states using standard macroeconomic methods. Three indices were utilised in the analysis, the Global Competitiveness Index (GCI), the ʻDoing Businessʼ index created by the World Bank, and the Economic Freedom Index (EFI). We have also subjected the selected indicators to a correlational analysis, the aim of which was to identify possible correlations between the chosen competitiveness index and a chosen parameter. The results of the analysis reveal the current economic position of the BENELUX countries, and outline the economic opportunities and threats to further development.

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