Education as a factor influencing the economic growth of the V4 countries

Abstract

The phenomenon of the Fourth Industrial Revolution fundamentally affects the essence of the functioning of industry, trade and many other parts of the economy of developed countries. New and developing disciplines will need workers with a high-quality education matching the needs and demands of technological development. In order to evaluate education as a determinant of economic growth, multivariate regression models were created for each of the V4 countries separately. In this work, it was examined whether the variables related to primary, secondary and especially tertiary education affect economic growth. Data for V4 countries come from 2000-2020. From the estimated models, it can be concluded that in all the countries selected there is a positive impact of tertiary education on the economic situation of the country.