An Empirical Analysis of the Economic Drivers in Southeast European Countries

Arton Hajdari and Nexhat Shkodra

World Economics, 2025, vol. 26, issue 4, 159-178

Abstract: This research paper aims to unveil the economic drivers in Southeast European countries, by considering the GDP per capita of the respective countries as the dependent variable and seven other indicators as the independent variables. The study uses the data from 10 years for 12 countries in Southeast Europe, as the econometric regression analysis models are used to conduct empirical examination, with the Hausman-Taylor estimation being the essential tool of investigation, i.e. the research is conducted primarily by the quantitative scientific approach. The empirical examination of this article proves that six out of seven independent variables included in the model are found to be significant for the economic growth of Southeast European countries, such as Gross Fixed Capital Formation, Net Domestic Credit, Schooling Mean Years, Remittances Received, Foreign Direct Investment and Mild Inflation. The paper provides practical implications since it deals with one of the main objectives of macroeconomics, i.e. economic growth, as it unveils the crucial drivers that lead to the desirable levels of the respective objective. The research reports valid and original findings on the drivers of economic growth in Southeast European countries, which is a valuable contribution to the respective field.

Date: 2025
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