SUSTAINABLE ECONOMIC DEVELOPMENT: THE RELATION BETWEEN ECONOMIC GROWTH AND QUALITY OF LIFE IN V4 AND AUSTRIA
SUSTAINABLE ECONOMIC DEVELOPMENT: THE RELATION BETWEEN ECONOMIC GROWTH AND QUALITY OF LIFE IN V4 AND AUSTRIA

Summary/Abstract: The future belongs to sustainability. It isbecoming more important to achieve sustainable economicdevelopment. Therefore, in addition to the countries´economic performance, the continuous improvement ofthe quality of life should also be essential. The set topic iscrucial, even necessary to achieve the ambitious goals oftoday's society in terms of sustainable economicdevelopment. The need for solution highlights the possiblechanges in the social aspect of economic development.Following this challenge, the objective of the paper is toevaluate the development of 26 quality of life indicatorsfrom selected 6 categories in the V4 countries and Austriaas a research benchmark country between 2010-2019 andto identify the impact of the level of GDP on theseindicators. The descriptive statistics and linear regressionanalysis are used. Most life quality indicators reveal that thelevel of the V4 countries is better than the EU 27 averageor the same. In conclusion, 61.5% of variables in allcountries related to research hypothesis was confirmed,which means that the GDP growth had a positive effecton the improvement of the quality of life within thesevariables. However, comparing to Austria as a highlydeveloped country, a significant sustainable developmentgap can be still observed in V4.

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