The impact of the level of economic freedom on the socio-economic development of national economies: the Eurasian economic union countries

Abstract

The study assesses the impact of the level of economic freedom on the dynamics of socio-economic indicators of the four Eurasian Economic Union countries in the long time-span (2012-2021). This paper uses econometric modelling techniques to verify the hypothesis of existence of a direct statistically significant relationship between the level of economic freedom and Gross Domestic Product per capita, Gross Domestic Product itself, foreign direct investment in the economy, the Human Development Index; and an inverse relationship with the Corruption Perception Index. The study reveals the confirmation of a substantial part of the hypotheses put forward for economies of the Eurasian Economic Union countries. However, there is no statistically significant relationship between the level of economic freedom and Gross Domestic product capita or foreign direct investment in all of the economies studied