Determinants of economic growth: the experts' view
George Petrakos * and Paschalis Arvanitidis**
*Department of Planning and Regional Development
** Department of Economics
University of Thessaly
Pedion Areos, Volos, 38334, Greece
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Abstract
Over the last two to three decades a wide range of studies has investigated the determinants of economic growth. Using differing conceptual and methodological approaches, these studies have placed emphasis on a number of explanatory parameters and offered various insights to the process of economic growth. The current paper draws on a questionnaire survey addressed to various experts (academics, policy makers and business people), to identify the factors that either support or inhibit growth potential and to assess their degree of significance. A number of points emerge. First, that alongside conventional determinants, it is also the political and institutional aspects of an economy that play an important role in advancing growth dynamics. Second, determinants influence at a different degree each economy depending on the level of development achieved. As such, there are clear indications that policy priorities should be different between developed and developing countries. Third, despite the previous point, there are some basic elements which are deemed important for economic growth independent of the level of development an area exhibits.
