Evaluating Economic Efficiency through Digital Technologies

Abstract

Abstract The rapid advancement of digital technologies has generated increased interest among researchers to investigate and evaluate the impact of these technologies on economic efficiency. The purpose of this study is to identify and analyze the influence of digital technologies on economic efficiency in the countries of Europe and the European Union (EU) over seven years (2016-2022), for which the necessary data was found. The fundamental question of the study is: which countries in the European Union and across the entire European continent exhibit a trend of increasing revenues from the ERP system market, and among these, where is an influence on GDP observed? A group of 42 countries was analyzed, consisting of 27 countries from the European Union and 15 non-member countries, and the period studied ranges from 2016 to 2022. The study reveals that, generally, in countries where revenues from the ERP market are on the rise, there is a positive trend in economic efficiency. The study's estimates suggest that the level of internet usage in a country and the workforce with an advanced level of education significantly influence GDP per capita at the level of the countries in the European Union and the entire European continent. The conclusions of our study are based on theoretical predictions and the relevant results of other studies. The research indicates that ERP systems, as part of digital technologies and other macroeconomic factors, play an important role in stimulating economic efficiency in the European Union member states and those outside the union.