The influence of vocational education parameters on economic growth in European Union member states
Keywords:Education parameters, European union, GDP, Influence, Vocational education.
This study investigates the impact of professional education on the economic growth of European countries between 2013 and 2020. Industrialized nations have made it feasible for students of various levels to acquire training in a number of professional courses that are suitable for the labor market since professional education is one of the major factors contributing to a country's economic progress. The multiple regression OLS, Fixed, Random, and Hausman test econometric models form the foundation of the research approach. The GDP is presented as the dependent variable, while other factors related to professional education serve as independent variables. The data has been arranged in panel form, previously logarithmized, and tested accordingly. The study's findings indicate that young people's participation has little impact on economic growth, whereas students enrolled in non-tertiary vocational upper secondary and post-secondary education, regardless of their educational background, gender, or field of study, have a positive effect on the economies of European Union member states. In addition to spending by educational level, program orientation, institution type, and expenditure category on vocational education, the first aspect has a beneficial influence and includes things such as upper secondary and post-secondary non-tertiary education – vocational. In conclusion, we can assert that professional education has substantial correlations with economic growth, necessitating a thorough examination of these correlations, as well as their practical application and careful observation of their impacts on economic development.