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Empirical Evidence Of Romania S Competitiveness With A Focus On Education And R&D. Evolution And Recommendations

Author

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  • COMAN Cristiana-Ioana

    (Bucharest University of Economic Studies)

Abstract

Competitiveness reveals a nation economic health. Due to the concept s complexity and precision in building a country s performance, the theory is nowadays a sine-qua-non-objective among policymakers, scientists and businesses. The present paper illustrates Romania s competitiveness performance for the aggregated 2007-2019 period. The results were obtained by adopting a quantitative approach. Data were extracted from the World Bank Database, covering the years 2008-2018, and the IMD World Competitiveness Online Database, covering the 2010-2019 period. Further, based on the obtained results, the author proposes recommendations to stimulate the country s competitiveness level. According to the analysis, Romania recorded a stable increase in competitiveness evolution starting with 2014. In 2017, the country was positioned behind Spain, Italy, Poland and Hungary, and registered a better performance than Croatia. Regarding the total public expenditure on education per student, Romania is placed at the end of the European top, together with Ukraine, Bulgaria, Croatia, and Greece. Moreover, Romania is largening the European gap concerning Research and Development (R&D). On top are countries such as Sweden, Finland, Switzerland, and Austria, while at the opposite pole, there are the following nations: Romania, Cyprus, and Ukraine. Balanced growth is supported by the collaboration of governments, research institutions, universities, and the private sector. Investments must be orientated towards education, R&D, efficiency in production, education, the country s openness, and attractiveness for foreign markets. Considering the circumstances of the worldwide chaos caused by the COVID-19 pandemic, it is vital for Romania s economy to strengthen its competitiveness performance to safeguard sustainable long-run economic growth.

Suggested Citation

  • COMAN Cristiana-Ioana, 2022. "Empirical Evidence Of Romania S Competitiveness With A Focus On Education And R&D. Evolution And Recommendations," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 74(3), pages 35-49, October.
    • Handle: RePEc:blg:reveco:v:74:y:2022:i:3:p:35-49
    DOI: 10.56043/reveco-2022-0024
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    References listed on IDEAS

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    1. Zixin Dou & BeiBei Wu & Yanming Sun & Tao Wang, 2021. "The Competitiveness of Manufacturing and Its Driving Factors: A Case Study of G20 Participating Countries," Sustainability, MDPI, vol. 13(3), pages 1-17, January.
    2. Harzing, Anne-Wil & Giroud, Axèle, 2014. "The competitive advantage of nations: An application to academia," Journal of Informetrics, Elsevier, vol. 8(1), pages 29-42.
    3. Mulatu, Abay, 2016. "On the concept of 'competitiveness' and its usefulness for policy," Structural Change and Economic Dynamics, Elsevier, vol. 36(C), pages 50-62.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    competitiveness; education; research & development; Romania; Europe;
    All these keywords.

    JEL classification:

    • D2 - Microeconomics - - Production and Organizations
    • D6 - Microeconomics - - Welfare Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • I2 - Health, Education, and Welfare - - Education

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