Volume: 19 Issue-01 (January-June) 2024

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EFFECT OF EXPORT AND TOURISM ON ECONOMIC GROWTH IN THE MEMBERS’ STATES OF CEFTA

ABSTRACT

In light of recent attention on the impacts of international trade in emerging economies, this paper aims to investigate the effect of exports on the economic growth of member states of CEFTA using three panel methods: fixed effects, difference GMM, and system-GMM between 2000 and 2019. Our findings demonstrate a significant and positive relationship between exports and economic growth within CEFTA member states. Consequently, countries aspiring for sustained economic growth should prioritize enhancing technology, innovation, and trade, which are conducive to regional economic advancement. Based on these results, policymakers are encouraged to formulate enticing policies that bolster exports, thus fostering sustained economic growth and enabling effective global market competition through improved export quality and product standardization.

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