Imbalance between Public Finances and Economic Growth in the European Union
DOI:
https://doi.org/10.18559/261fqe32Keywords:
Public debt, Budget deficit, Economic growthAbstract
The main purpose of this article is to present the relationships between the basic indicators of public finance, which are the budget deficit and public debt, and economic growth in the European Union for the period 2006-2013. The article consists of three parts. The first part explains the basic theoretical concepts in terms of the impact of the deficit and debt on economic growth. The second part contains a review of empirical research. The third part is an attempt to show the relationship between the budget deficit, public debt and economic growth in the EU for the period 2006-2013. The author verifies the hypothesis that the accumulation of public debt to GDP ratio is accompanied by a decline in economic growth. The latest economic forecasts with regard to the fiscal outlook and economic growth are presented in the final part.
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