TAILIEUCHUNG - Revisiting the determinants of the countries’ economic transformation

In this paper, the Economic Complexity Index (ECI) is considered in the context of the country’s economy complexity increasing the chances for its successful economic development. | Revisiting the determinants of the countries economic transformation International Journal of Management IJM Volume 11 Issue 4 April 2020 pp. 395-405 Article ID IJM_11_04_039 Available online at http ijm JType IJM amp VType 11 amp IType 4 Journal Impact Factor 2020 Calculated by GISI ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication Scopus Indexed REVISITING THE DETERMINANTS OF THE COUNTRIES ECONOMIC TRANSFORMATION Larysa Yu. Sysoyeva Sumy State University Sumy Ukraine Іnna V. Bielova Sumy State University Sumy Ukraine ABSTRACT In this paper the Economic Complexity Index ECI is considered in the context of the country s economy complexity increasing the chances for its successful economic development. The ECI evaluates how developed the country is taking into account the presence of many and different sectors of the economy and enables to compare more than 120 countries for almost 50 years including large group of developing countries which are often excluded from the databases. In the research the indicator characterizing the degree of transformations is the Bertelsmann Foundation s Transformation Index BTI for the state of political and economic transformation this indicator is calculated only for countries without the established democracies is also used with the aim to find spatial autocorrelation between the mentioned indices. Thus according to the results of the research among 102 countries of the world which still do not have the established democracies according to the calculations performed have the biggest chances for diversifying their own economies and consequently the successful development the following can be noted United Arab Emirates Czech Republic Estonia Croatia South Korea Lithuania Latvia Poland Singapore Slovenia Uruguay. Also according to the study results the connection between the components of the political and economic transformation and economies complexity is confirmed .

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