Statistical Analysis of Interdependence of ICT and Economic Development of Selected European Countries

Stamenković Milan (), Milanović Marina () and Petrović Dragana Rejman ()
Additional contact information
Stamenković Milan: University of Kragujevac, Faculty of Economics, Republic of Serbia
Milanović Marina: University of Kragujevac, Faculty of Economics, Republic of Serbia
Petrović Dragana Rejman: University of Kragujevac, Faculty of Economics, Republic of Serbia

Economic Themes, 2021, vol. 59, issue 2, 259-280

Abstract: The research focus on the analysis of interdependence of economic and ICT development results from the fact that, in recent decades, ICTs have become a dominant factor in generating socio-economic prosperity of countries. ICT expansion is a stimulus for economic growth, and vice versa. In order to empirically verify the observed interdependence, on the example of the selected 37 European countries, a two-stage statistical analysis was conducted, based on a combined application of cluster analysis and a oneway analysis of variance. Using specific data from 2017, the following was conducted: (a) formation of groups of countries by implementing cluster analysis based on the three structural components of the ICT Development Index; and (b) by applying the ANOVA method and using the values of GDP per capita, testing the validity of assumption regarding the existence of statistically significant differences, in terms of the achieved level of economic development between the formed groups of countries of different levels of ICT development. The obtained results suggest the extraction of three clusters of countries and the acceptance of the defined hypothesis. Serbia is classified within the cluster of medium ICT development level and is characterized by the value of GDP per capita that is significantly below the group average, which indicates the possibility and the need for improvement in the ICT field.

Keywords: statistical analysis; cluster analysis; ANOVA; ICT development; economic development; selected European countries (search for similar items in EconPapers)
JEL-codes: C12 C38 O33 O47 O57 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://doi.org/10.2478/ethemes-2021-0015 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:59:y:2021:i:2:p:259-280:n:4

DOI: 10.2478/ethemes-2021-0015

Access Statistics for this article

Economic Themes is currently edited by Marija Radosavljević

More articles in Economic Themes from Sciendo
Bibliographic data for series maintained by Peter Golla ().