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Towards a New Growth Model in CESEE: Three Challenges Ahead

In: Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume I

Author

Listed:
  • Luca Gattini

    (European Investment Bank (EIB))

  • Áron Gereben

    (European Investment Bank (EIB))

  • Miroslav Kollár

    (European Investment Bank (EIB))

  • Debora Revoltella

    (European Investment Bank (EIB))

  • Patricia Wruuck

    (European Investment Bank (EIB))

Abstract

We revisit the factors of convergence and growth in Central, Eastern and South Eastern Europe (CESEE). While the key elements that were driving pre-crisis convergence – rapid export growth, propelled by low wages, capital inflows and technology import, and catalysed by the EU accession – gave a strong impetus to economic progress, these factors have been weakened after the crisis due to changes in the labour market, demographics and slowdown of capital inflows. As a consequence, potential growth in CESEE economies decelerated. To maintain an adequate speed of convergence, a prospective “new growth model” is emerging as a candidate to be the driving force of growth in CESEE. The key elements of this growth model should be based on home-grown innovation to increase productivity, policies supporting the preservation and development of the productive labour force, and a system of financial intermediation that supports domestic savings.

Suggested Citation

  • Luca Gattini & Áron Gereben & Miroslav Kollár & Debora Revoltella & Patricia Wruuck, 2021. "Towards a New Growth Model in CESEE: Three Challenges Ahead," Studies in Economic Transition, in: Michael Landesmann & István P. Székely (ed.), Does EU Membership Facilitate Convergence? The Experience of the EU's Eastern Enlargement - Volume I, chapter 0, pages 91-122, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-57686-8_3
    DOI: 10.1007/978-3-030-57686-8_3
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