ИСТИНА

The positive impact of information and communication technologies (ICT) on economic development and growth in a country or region is beyond doubt. However, when conducting empirical tests based on different countries and regions of the world, this relationship looks ambiguous. The study uses two approaches, static and dynamic, represented by the Cobb-Douglas production function and the neoclassical growth model. The static approach assesses how the main components of ICT (fixed telephone subscriptions per 100 inhabitants, mobile cellular subscription per 100 inhabitants, fixed broadband subscription per 100 inhabitants, and internet users as a percentage of the population) affect economic development (GDP or GRP per capita in the current period of time). The dynamic approach shows this impact on the economic growth rate, i.e. in the long run. The object of the research is 27 countries of the European Union during the period from 1960 to 2020. The analysis has shown that ICTs have a permanent positive impact on economic development. At the same time, the impact of different types of technologies on economic growth is observed predominantly in the early stages of development and has a lag shift.