Economic Sustainability of the EU Member States in 2023

Abstract

Goal – The aim of the paper is to evaluate economic sustainability of EU member states in 2023 and to analyse the relationships between economic sustainability and their level of development. The study concentrated on three research questions: Do the EU countries represent high diversity in terms of economic sustainability? Is the economic sustainability of member states related to their level of socio-economic development? Which elements of economic sustainability display higher interdependence with socio-economic development of the EU countries? Research methodology – TOPSIS method was used to classify the EU member states on their economic sustainability with division to classes of objects with similar features. The relationship between economic sustainability, as well as its partial variables, and socio-economic development was examined with the use of the Spearman’s and Pearson’s correlation coefficients. Score/results – The economic sustainability among the EU member states in 2023 displays medium level and low diversity. A strong positive relationship between economic sustainability and the level of human development was confirmed. The importance of innovation and monetary policy for economic sustainability has risen as another key finding of the research. Originality/value – The originality of the paper is represented by the chosen research method and by the set of diagnostic variables. The research identified features strengthening and hindering economic sustainability which can be treated as policy recommendations.