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Sustainable economic development in the European Union and COVID-19

Author

Listed:
  • Chara Vavoura

    (Department of Economics of the University of Athens)

  • Ioannis Vavouras

    (Panteion University of Social and Political Sciences)

Abstract

The paper has two basic objectives. The first, is to present the evolution of the process of sustainable development in the European Union (EU). We provide evidence that over time, the concept of sustainable development as a broad policy objective has been steadily declining in importance giving way to the less multidimensional strategy of green growth. We argue that the green growth strategy is actually based on the strategic selection of the traditional economic growth model, taking into account certain environmental aspects. We show that environmental protection expenditure is growing much slower than per capita income. Looking at the investment on environmental protection, we document a clear falling trend. Our findings imply that both the social and the environmental dimension of sustainability have been losing ground and the traditional goal of economic growth is being restored. The second, is to provide some assessment of the impact of the coronavirus pandemic on the process of sustainable development in the EU. Considering the relevant EU forecasts on the immediate effects of the pandemic, we conclude that it will severely hinder the process of sustainability in the EU in the short term. The long-term effects of the pandemic cannot even be outlined, especially at the level of the individual member states. Nevertheless, the effectiveness of the Recovery and Resilience Facility as key instrument of recovery and of national recovery and resilience plans, will play a decisive role in minimising or even neutralising the negative longer-term effects of the coronavirus pandemic.

Suggested Citation

  • Chara Vavoura & Ioannis Vavouras, 2022. "Sustainable economic development in the European Union and COVID-19," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 449-467, April.
    • Handle: RePEc:spr:eaiere:v:19:y:2022:i:1:d:10.1007_s40844-021-00217-1
    DOI: 10.1007/s40844-021-00217-1
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    References listed on IDEAS

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    Cited by:

    1. Katarzyna Piwowar-Sulej & Sakshi Malik & Olatunji A. Shobande & Sanjeet Singh & Vishal Dagar, 2024. "A Contribution to Sustainable Human Resource Development in the Era of the COVID-19 Pandemic," Journal of Business Ethics, Springer, vol. 191(2), pages 337-355, May.
    2. Rao, Neethi Varadaraja & Bhaskaran, Varsha & Nagendra, Harini, 2023. "Can green tribunals help to resist neo-liberalism in environmental governance – The case of India," Land Use Policy, Elsevier, vol. 131(C).
    3. Rui Zhou, 2022. "Sustainable Economic Development, Digital Payment, and Consumer Demand: Evidence from China," IJERPH, MDPI, vol. 19(14), pages 1-20, July.

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    More about this item

    Keywords

    Economic development; Sustainable development; Green growth; Environmental protection; COVID-19; European Union;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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