Transformations  in
Business & Economics

EVALUATION OF ECONOMIC GROWTH IN TERMS OF SUSTAINABILITY
Remigijus Ciegis, Aidas Dilius, Asta Mikalauskiene

ABSTRACT.The article theoretically discusses the assessment of economic growth in terms of aspects of sustainability. According to the collected theoretical and practical material, it analyses the economic growth theories in terms of sustainability aspect. The assessment of the effect of economic growth on sustainable development is provided in this paper as well. The main issue of the article is how to achieve economic growth taking into account the sustainability of economic, social, and environmental spheres? The fast pace of growth in production may lead to the high level of inflation. Damage may be caused by the increased use of natural resources and due to the increased air and water pollution as well as waste generation that are attributed to the environmental sphere. The too low growth of production may have an influence on the increased unemployment and poverty levels that are attributed to the social sphere. Therefore, it is of great importance to align these three spheres .

KEYWORDS: economic growth, sustainable development, environment, social sphere.

JEL classification: O130, O440, Q560.