Economic reforms and economic growth

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Μήτσος, Φίλιππος
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In the dynamic realm of global economics, the interplay between economic freedom, economic reforms, and GDP per capita has long been a subject of intense scrutiny and analysis. As countries strive to achieve sustainable growth and improve the living standards of their citizens, understanding the role of economic freedom becomes imperative. This study seeks to explore the potential impact of the Economic Freedom of the World Index, formulated by the Fraser Institute, on the annual GDP per capita in two distinct samples of countries: (a) high and middle-income countries, and (b) low-income countries. In this research, we aim to uncover the potential relationships between economic freedom, economic reforms, and their impact on the GDP per capita of countries in different income brackets. By analyzing data at the country level, we seek to identify patterns and trends that may offer critical insights into the links between economic policies and economic outcomes. For high and middle-income countries, the study will assess how economic freedom and the extent of economic reforms correspond to GDP per capita growth. The hypothesis is that countries with higher levels of economic freedom and progressive economic reforms may experience greater economic growth and higher per capita income. On the other hand, lowincome countries often face unique challenges in fostering economic growth. By analyzing this group separately, we aim to understand the potential implications of economic freedom and economic reforms in their context. This exploration may yield valuable policy recommendations that could lead to sustainable development and poverty alleviation. Throughout this investigation, we acknowledge the complexities and nuances involved in assessing the impact of economic policies on GDP per capita. Hence, it should be emphasized that econometric analysis has been utilized to provide meaningful results. The specific time period covered by the analysis is between 2001-2020, highlighting that it encompasses a wide range of affluent, developing, and impoverished countries. In conclusion, this study endeavors to provide a comprehensive analysis of the relationships between economic freedom, economic reforms, and GDP per capita in distinct groups of countries. By understanding the role of economic policies in shaping economic growth and prosperity, we aim to contribute to the ongoing dialogue surrounding global development and aid policymakers in formulating effective strategies for sustainable economic progress.
Economic freedom