EDUCATION AND TRAINING AS ENHANCERS OF ECONOMIC GROWTH AND COMPETITIVENESS

Abstract

Abstract: A nation requires the contribution of several factors to be able to achieve sustained levels of economic development over time. One of the most important and differentiating indicators of a nation’s success is the qualification of its population, which is reflected in the degree of sophistication, decision-making ability, and strategic vision of its leaders and elites. Kruss et al. (2015) analyze the importance of education, skills, labour efficiency, technological innovation, and more advanced production for economic development.  

Based on the Global Competitiveness Index developed by the World Economic Forum, focusing on the evolutionary behaviour of a group of 40 countries (top 20 most competitive and the European Union countries), between 2008 and 2017, this paper aims to determine whether a correlation can be established between the competitiveness of countries and the education and training indicators of societies. The results reveal that, to different degrees, there is a quantifiable relationship between education and training (during the active life) of the labour factor and the competitiveness of economies, which will be reflected in the level of development of nations, the creation of wealth, and the establishment of high and sustainable levels of social welfare.