Analysis of Economic Convergence in the European Union

Lungu Adrian ()
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Lungu Adrian: Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2024, vol. 18, issue 1, 405-423

Abstract: The article analysis the economic convergence of member states of the European Union through ten main macroeconomic indicators. Employing a combination of statistical methodologies encompassing, such as descriptive statistics, multiple regression and ANOVA analysis, the research intends to reveal an updated outlook and also the big picture of economic convergence process within the European Union. Its results, analysing economic indicators, show the serious convergence trends between economies of EU-27 member states in general, but particularising, we can observe variations of the progress for each member state. Also, has been remarked that when the GDP per capita has increased in most of the member states, the differences have significatively decreased, these still exist. Moreover, convergence is discernible in inflation rates, unemployment rates, and trade balances. In the same way, the analysis pointed out also the differences that exist between member states, which have to be treated and separated, but together through inclusion policies, social and economic, to have as a final goal, the absolute convergence to be realised through shorter period of time than the actual trend. Premises, likewise, the realities that exist in the present can lead to a deeper and feasible convergence, even if it can offer the growing rhyme in comparing some states with others. In conclusion, the article highlights the fact that is much more than necessary that political strategies of member states individually, and also member states of the European Union to get together regarding aligning to the best economic and social level.

Keywords: Convergence; EU-27; GDP per capita; ANOVA; Cohesion policies (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:18:y:2024:i:1:p:405-423:n:1008

DOI: 10.2478/picbe-2024-0035

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