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Successful Convergence in the Visegrad Region: the Example of Czechia

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  • Zsolt Becsey, Jr.

    (Magyar Nemzeti Bank)

  • Aron Mate

    (Magyar Nemzeti Bank)

Abstract

Czech economic development has been characterised by a steady convergence process over the last almost three decades, with Czech GDP per capita now almost reaching the EU average. In our study we present the factors behind this development in relation to the V4 region and especially to Hungary. Our main finding is that the source of economic growth over the past 20 years has been efficiency and technology improvements, along with improving labour market conditions and a high, favourably structured investment rate. The important factors in this regard include high domestic ownership in most priority sectors, investment in human capital, a relatively balanced regional structure, support for R&D and the rise of digitalisation. The stability of the Czech economy suggests that Western European living standards will be achieved and maintained.

Suggested Citation

  • Zsolt Becsey, Jr. & Aron Mate, 2021. "Successful Convergence in the Visegrad Region: the Example of Czechia," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 20(4), pages 157-169..
    • Handle: RePEc:mnb:finrev:v:20:y:2021:i:4:p:157-169.
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