Dual Approach to Growth Accounting. Application for Benelux and Baltic Countries
Dual Approach to Growth Accounting. Application for Benelux and Baltic Countries

Summary/Abstract: The globalization of the world brought strong links between economies: in "good times" brings an acceleration of positive developments in the economy while in "bad times" has signed an acceleration of negative developments in the economy. The result is sharp economic downturn. Its slowdown or complete cessation depends upon the nature of economic growth. The aim of the present article is to analyse the development of economic growth that the country reached in the pre-crisis, crisis and after crisis period. Analysis was performed by a dual method approach in the growth accounting in the Benelux countries (Belgium - BE, Luxembourg - LU, Netherlands - NL) and Baltic countries (Estonia - EE, Latvia - LV, Lithuania - LT). The result is that economic growth was largely formed by the accumulation of production factors than by increasing their efficiency in production. The only exceptions are the Netherlands.

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