Impact of the Funds of the European Union on the Short-term Economic Growth in the Countries from Central and Eastern Europe

Kalina Durova ()
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Kalina Durova: South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2018, issue 1, 90-102

Abstract: The goal of this paper is to analyze the influence of the European Union funds absorption rate on the short-term economic growth rate of the countries from Central and Eastern Europe over the 2008-2015 period. The object of the study are the European funds in Central and Eastern Europe. The subject of the research is the impact of the European funds on short-run economic growth in Central and Eastern Europe. The thesis of the research is that the European Union funds generate results slowly, in the long term, and cannot be used as a tool for a fast (in the short-run) economic recovery. The better management of the European funds is a necessary but not sufficient condition for the achievement of economic and social cohesion. The objective and the use of the European funds are other determinants of cohesion, therefore it is advisable that all new member states clearly state their European funding priorities. The goal of the study has been achieved by ordinary least squares panel data regression for the 2008- 2015 period. The research results do not imply any significant impact of the European Union funds absorption rate on the growth rate of real GDP in the new member states compared to the previous year. Recommendations have been made on how to increase the positive effect of the European funds on the economies of the new member states.

Date: 2018
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