IMPACT OF ECONOMIC SECURITY ON ECONOMIC GROWTH IN EUROPEAN UNION COUNTRIES

Abstract

Economic security is a relatively young discipline within the field of economic science, yet it plays a critical role in national security. Despite its importance, it has historically received insufficient attention from researchers. Economic security is essential for achieving economic sovereignty, fostering sustainable development, implementing effective social policies, protecting society from environmental risks, and enhancing national competitiveness in an increasingly interconnected global economy. An effective economic security system enables a country to identify threats to its national economic interests proactively, thereby preventing potential damage to the socio-economic structure. Unfortunately, in most cases a comprehensive understanding of economic security often emerges only after economic threats have materialized.
In today's rapidly evolving world, ensuring economic security has become one of the primary priorities for nations. It serves as the cornerstone of national security and development. The dynamic nature of global developments continuously alters the risks associated with economic security, making it imperative for countries to identify and mitigate these risks promptly. The issue of economic security has gained increased attention, particularly as economies become more open and integrated into global economic processes. However, there remains no universally accepted definition of economic security within the broader context of national security. It is often conceptualized as a social phenomenon that safeguards the vital interests of individuals, society, and the state from potential dangers and threats.
Main object of an article is to analyze how economic security impacts economic growth in EU countries. The study showed that for weak economies, a high level of GDPpC growth could be provided even with relatively low values of development indicators. At the same time, for advanced economies, high values of these indicators are a prerequisite for continued growth. Based on the model obtained in the study, it is possible to distribute countries by clusters. Such an interpretation is necessary to understand in which direction the country's economy should develop to ensure the sustainable development. Thus, the proposed method makes it possible to objectively assess the potential of the country's economic development.