Economic Impact of the Health Sector on the Regional Level – Case of a Small, Open Economy

  • Timotej Jagrič University of Maribor, Faculty of Economics and Business
  • Johnathan C. Mun Naval Postgraduate School
  • Christine Elisabeth Brown WHO European Office for Investment on Health and Development
  • Dusan Fister University of Maribor, Faculty of Economics and Business
Keywords: generation of regional input-output tables (GRIT), self-adaptive differential evolution, economic impact study

Abstract

A GRIT methodology (Generation of Regional Input-Output Tables) to generate and analyze regional input-output tables is applied for a small, middle-income nation, where the single national input-output table is partitioned into numerous regional tables. Missing values data are imputed using an evolutionary stochastic population-based nature-inspired optimization algorithm with self-adapting control parameters and exogenous superior data are introduced as well. A nonsurvey study is carried for each regional economy by computing various multipliers, such as output, income, value-added, employment, and import multipliers, and outlining financial properties, development, and interconnections of the various regions in Slovenia. Finally, the effects of financing the regional healthcare sectors are examined. Empirical evidence that healthcare industry sectors are extraordinarily important at the regional level and thus necessary to deliver a favorable impact on the national production of Slovenia in future, can be used for forthcoming economic policies planning at regional and national level.

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Published
2021-07-22
Section
Article