What Will Be the Impact of the COVID-19 Pandemic on the Human Capital and Economic Growth? Evidence from Eurozone

ABSTRACT

This study provides new empirical evidence concerning the relationship between human capital and economic growth for 17 European countries over the periods 2015–2019 and 2019–2022. The results show that both education and health have a positive and significant impact on economic growth, and thus support higher growth. Also, our empirical results before COVID-19 show that there is bidirectional causality between economic growth and health, as well as education and economic growth, and there is unidirectional causal relationship running from education to health. After COVID-19, there is no significant causality between economic growth education and health. The results of this study may be of great importance for policy and decision makers in developing policies to foster human capital for European countries. © 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.