Patterns of Smart Economic Development in Europe: Which Approach is More Successful Nowadays? (SMART_PROG)

Project no.: PP-91R/19

Project description:

Globalization, the 4th industrial revolution, global risks, changing environment has created new requirements for the development of countries economies. Not hard, but soft factors are starting to be the main for the successful economic development. The changed conditions require new and innovative insights for relationships among smart development (its expression – smart economic development patterns), its promotion tools (its expression – patterns characteristics / combination of factors of smart development) and the results (its expression – competitiveness). This means that the country’s economy development should be smart in order to achieve long-term economic competitiveness. However, what are the characteristics of today’s smart economic development patterns that allow countries to achieve long-term competitiveness. Knowing these answers, you can find out what development strategy is more successful today.
It is widely acknowledged, that it is not enough to use the big databases (Bloomberg, WEF, Eurostat) for economic researches. The specialized tools/programs, which help easier, more accurate and operative finding insights, tendencies and hidden relationships are necessary. The integration of machine learning into economic analysis makes it possible to use much larger amounts of data, increase productivity, accuracy, find hidden relationship, which can be difficult identify with simple economic methods.
The aim of the project is to identify and characterize nowadays patterns of smart economic development of countries and to underline the importance of smart development principles in national competitiveness policies. The aim of the research is achieved through the development of economic development patterns – competitiveness analysis programme.

Project funding:

KTU R&D&I Fund

Period of project implementation: 2019-04-01 - 2019-12-31

Jurgita Bruneckienė

2019 - 2019

Academic Centre of Economics, Business and Management, School of Economics and Business