The correlation of some macroeconomic indicators and their impact on the increase of labor productivity

Abstract

The objective of this study is to investigate the correlation between some macroeconomic indicators for labor productivity growth. In conditions of the current metamorphosis of the national economy, the identification of factors that contribute to the increase of labor productivity becomes a necessity for the survival of countries on the regional and world scale. The knowledge about these factors and their strategic combination contribute to the increase of productivity, of innovative business, which directly leads to the enhancement of well-being in the world economy. Economic growth in the countries of the world is directly proportional to the labor productivity equation, which is dependent on the number of unknowns expressed by its determinants. From this perspective, the author addresses the aspect of economic growth and the heterogeneity of the factors of increasing labor productivity in both national and global economies using the statistical method of correlating factors. The results of the study showed that investment, export, research, and development are factors that have a direct impact on economic growth, thus being possible to establish the strategies that are effective in the development of various national economies.