uth-prd-dp-2009-01_en.pdf - Discussion Paper Series 15(1 1-22 Determinants of economic growth the view of the experts Paschalis Arvanitidis Lecturer

uth-prd-dp-2009-01_en.pdf - Discussion Paper Series 15(1...

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Department of Planning and Regional Development, School of Engineering, University of Thessaly Pedion Areos, 38334 Volos, Greece, Tel: +302421074462, e-mail: [email protected], Available online at: Discussion Paper Series , 15 (1): 1-22 Determinants of economic growth: the view of the experts Paschalis Arvanitidis Lecturer, Department of Economics University of Thessaly, Korai str. 43, 38333, Volos, e-mail: [email protected] Sotiris Pavleas Ph.D. Candidate, Department of Planning and Regional Development George Petrakos Professor, Department of Planning and Regional Development Abstract The paper draws on a questionnaire survey addressed to various experts worldwide, to identify which factors either support or inhibit growth potential and to assess their degree of significance. A number of points emerge. First, alongside conventional determinants, the political and legal aspects play a substantial role in advancing growth dynamics. Second, determinants influence at a different degree each economy depending on the level of development exhibited. As such, policy priorities should be different between developed and developing countries. Third, there seems to be some factors which are essential to economic growth independent of the level of development achieved. Key words: economic growth, economic dynamism, determinants, experts’ views January 2009
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