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Entrepreneurship and Sustainability Issues Open access
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Received: 2021-11-10  |  Accepted: 2022-01-09  |  Published: 2022-03-30


Economic development facets and their interrelation


For many years, people have been trying to examine the factors that affect life in the country in which they live. Many procedures and methodologies have emerged into the help to measure individual aspects of life. One of them is GDP. But even though it is the most used of them, it focuses mainly on the economic side of life and ignores other factors that affect the lives of people in a given country. The aim of this paper is to identify the degree of connection between the development of the macroeconomic indicator of GDP and the index of economic freedom for the Slovak Republic. Based on the analysis of their development, components and impacts on the country, their main advantages and disadvantages will be determined, as well as their effectiveness compared to GDP. As no indicator can cover all areas, each of them looks at the same issue from a different angle, so to get a more comprehensive view of a country, it is not appropriate to focus on just one of them.


index of human development, index of economic freedom, economies competitiveness, press freedom, Slovakia

JEL classifications

A13 , B55 , D10






This research was supported by the project KEGA No 006TUKE-4/2019 "Foreign Student's education with an emphasis on creating key competences in the context of building a working career and the inclusion into the labour market in Slovakia".

This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License


Gonos, Jaroslav
University of Prešov, Prešov, Slovakia
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Hrehová, Daniela
Technical University of Košice, Košice, Slovakia
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Čulková, Katarína
Technical University of Košice, Košice, Slovakia
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Journal title

Entrepreneurship and Sustainability Issues





Issue date

March 2022

Issue DOI


ISSN 2345-0282 (online)


VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania


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