Considering the potential factors that might generate economic growth, a target for any economy, this paper identified some determinants of economic growth in the countries from Central and Eastern Europe (CEE countries) that are member states of the European Union. The foreign direct investment was the most important determinant of economic growth in most of the countries (Bulgaria, Slovenia, Estonia, Hungary, Romania, Poland, Latvia, Lithuania) in the period 2003-2016, according to Bayesian bridge regressions. The indicators related to the level and the quality of labour resources proved to be insignificant in explaining the economic growth in these countries. Moreover, in Croatia, Estonia, Latvia, Lithuania, and Poland, the government expenditure on education had a negative effect on economic growth.
1. Barseghyan, L., & Battaglini, M. (2016). Political economy of debt and growth. Journal of Monetary Economics, 82, 36-51.
2. Borlea, S. N., Mare, C., Achim, M. V., & Puscas, A. (2016). Direction of causality between financial development and economic growth. Evidence for developing countries. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 26(2), 1-22.
3. Capello, R., & Perucca, G. (2015). Openness to globalization and regional growth patterns in CEE countries: from the EU accession to the economic crisis. JCMS: Journal of Common Market Studies, 53(2), 218-236.
4. Capello, R., & Perucca, G. (2016). Industrial restructuring in CEE regions: determinants of regional growth in the accession and in the crisis period. Journal of Baltic Studies, 1-21.
5. Chubrik, A., 2005. Market Reforms and Economic Growth in Post-Communist Economies: A Panel Data Approach. Policy Document Center, 1(2), 1-6.
6. Cuaresma, J. C., Doppelhofer, G., & Feldkircher, M. (2014). The determinants of economic growth in European regions. Regional Studies, 48(1), 44-67.
7. Flek, V. and Myslíková, M., 2015. Uneployment Dynamics in Central Europe: A Labour Flow Approach. Prague Economic Papers, 24(1), 73-87.
8. Furceri, D. and Karras, G., 2008. Tax Changes and Economic Growth: Empirical evidence for a panel of OECD countries. Manuscript, University of Illinois, 1, 1-29.
9. Garavan, T. N., McCarthy, A. M., & Morley, M. J. (Eds.). (2016). Global Human Resource Development: Regional and Country Perspectives. Routledge.
10. Gurgul, H., & Lach, Ł. (2014). Globalization and economic growth: Evidence from two decades of transition in CEE. Economic Modelling, 36, 99-107.
11. Hlavacek, P., & Bal-Domanska, B. (2016). Impact of Foreign Direct Investment on Economic Growth in Central and Eastern European Countries. Engineering Economics, 27(3), 294-303.
12. Hughes, H., & Weisbrod, B. (Eds.). (2016). Human Resources, Employment and Development. New York: Springer.
13. Hussin, F. and Saidin, N., 2012. Economic Growth in ASEAN-4 Countries: A Panel Data Analysis. International Journal of Economics and Finance, 49(1), 119-127.
14. Mankiw, N. G., Romer, D., & Weil, D. N. (1990). A contribution to the empirics of economic growth (No. w3541). National Bureau of Economic Research.
15. Mielcová, E., 2011. Economic Growth and Unemployment Rate of the Transition Country – the Case of the Czech Republic 1996-2009. E & M: Ekonomie a Management, 1/2011, 29-37.
16. Murphy, K. M., & Topel, R. H. (2016). Human capital investment, inequality and economic growth (No. w21841). National Bureau of Economic Research.
17. Neagu, O., & Dima, S. (2017). Impact of Globalisation on Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions. Studia Universitatis „Vasile Goldis” Arad–Economics Series, 27(1), 29-40.
18. Neuhaus, M. (2006). The impact of FDI on economic growth: an analysis for the transition countries of Central and Eastern Europe. Springer Science & Business Media.
19. Noja, G., Son, L., & Erdei, R. (2014). Comparison study on determinants of economic growth. Anale. Seria Ştiinţe Economice. Timişoara, (XX), 129-136.
20. Ono, T., & Uchida, Y. (2016). Pensions, education, and growth: A positive analysis. Journal of Macroeconomics, 48, 127-143.
21. Patillo, C., Poirson, H. and Ricci, L., 2004. What are the Channels Through Which External Debt Affects Growth?. IMF Working Paper, 0415(1), 1-20.
22. Radu, M. (2015). The impact of political determinants on economic growth in CEE countries. Procedia-Social and Behavioral Sciences, 197, 1990-1996.
23. Ranis, G., Stewart, F., & Ramirez, A. (2000). Economic growth and human development. World development, 28(2), 197-219.
24. Supińska, J. (2013). Does human factor matter for economic growth? Determinants of economic growth process in CEE countries in light of spatial theory. Bank i Kredyt, 44(5), 505-532.
25. Tas, N., Hepsen, A. and Onder, E., 2013. Analyzing Macroeconomic Indicators of Economic Growth Using Panel Data. Proceedings of International Conference on Economic and Social Studies 1(1), 20-51.
26. Tun,Y., Azman-Saini, W. N. W., & Law, S. (2012). International Evidence on the link between Foreign Direct Investment and Institutional Quality. Inzinerine Ekonomika-Engineering Economics, 23(4), 379–386.