Economic growth theories prove that, along with capital, labor, and technology, entrepreneurial and managerial skills, as well as the level of institutionalization in a country, can have a positive impact on economic growth. There are many different factors that characterize the business environment, and although there is no unambiguous approach in the economic literature regarding their positive or negative impact on economic growth, such an impact cannot be denied under certain conditions. Depending on the level of economic development, differences in the business environment in different countries also give grounds to speak about the existence of a certain relationship between economic development and a favorable business environment. However, the nature of these relationships varies from country to country. The reasons for this change may vary. One of the important reasons which should be noted is that some of the factors that characterize the business environment may be fundamentally different, but they can also be optimistic. For example, corruption in any country cannot be a stimulus for economic development. That is why it is desirable to have the lowest possible level of corruption in each country. That is, its optimal level is out of the question. These material indicators include some of the sub-indicators provided by the Doing Business group. For example, according to the Doing Business methodology, how little and how much time is spent on 8 sub-indicators such as starting a business, issuing a building permit, connecting to the electricity grid, registering property, accessing credit, protecting small investors. enforcement of contracts and business closure? if costs are required, the higher the country's ranking. This means that the business environment in these countries is more favorable. However, according to two other indicators, i.e. indicators related to the payment of taxes and foreign trade, it is not possible to make such a decision. This is due to the fact that the tax burden, which is an integral part of the indicator of tax payments, and the indicator characterizing the freedom of foreign trade, are bipolar. The optimal limit of these indicators is possible for each country. The higher the freedom of foreign trade, the greater the threat to the domestic market. Just as an increase in the tax burden is a problem for businesses, a lower threshold can be a problem for budget revenues. The fact that these sub-indices developed by Doing Business are fundamentally different, and the impact on economic growth is ambiguous, shows that the integrated index does not change significantly depending on income. For example, in the dynamics of the integral index for high-income countries from 2016 to 2020, this indicator changed from 53.1 to 87.2. Among developed countries, there is a country whose integral index in 2020 amounted to 53.7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries. in the dynamics of the integral index for high-income countries from 2016 to 2020, this indicator changed from 53.1 to 87.2. Among developed countries, there is a country whose integral index in 2020 amounted to 53.7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries. in the dynamics of the integral index for high-income countries from 2016 to 2020, this indicator changed from 53.1 to 87.2. Among developed countries, there is a country whose integral index in 2020 amounted to 53.7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries. Was equal to the price of 7. This level is much lower than even in some less developed countries.
The same can be said for upper middle, lower middle and lower income countries. In other words, there are a large number of countries in these income groups whose integrated WB performance is higher than that of many high-income countries. This result suggests that a high WB rating does not mean that the overall business environment is favorable, and it is this favorable environment that underlies the country's economic development.
With these results, we can only state that the level of the business environment above 50, calculated according to the WB methodology, is necessary for economic development, but not sufficient. Because many low income countries can be shown that these countries have a high WB rating, but belong to the group of low income countries (for example, Rwanda). It can be assumed that the ambiguity between the country's income and the WB integral indicator may be related to the above reason. According to the WB methodology, indicators of tax payment and freedom of foreign trade are unipolar, like other sub-indicators, and the lower the tax burden or the freer the foreign trade regime, the more favorable the business environment in the country. However, the less these indicators have a positive impact on the business.
According to our hypothesis, economic growth for all countries, regardless of income levels, as well as for individual income groups, can be linearly related to indicators that characterize the business environment, which are not bipolar. In this case, an increase in a favorable business environment in terms of such indicators can have a positive impact on economic growth. However, if an indicator that characterizes the business environment is bipolar, then a positive dependence of economic growth on such an indicator arises when a change in this indicator brings it closer to the optimal range. Otherwise, the relationship will be negative.
Analysis of individual components of the WB integral index and the impact of changes in these components on economic growth in 2018-2019 also gives reason to talk about the positive relationship of these components with the logarithm of economic growth. However, these bonds are very weak, and even absent on some components.
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