The Visegrad Countries in the EU: Economic Results

DOI: 10.20542/0131-2227-2020-64-2-63-70

A. Chetverikova (,
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation

Acknowledgements. The article was prepared at the Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences and supported by a grant from the Russian Foundation for Basic Research (project no. 19-010-00107 “The Limits of Independence of the Visegrad Group in the EU: Choice of National Strategies, Response to common European Challenges, Development of Relations with the Russian Federation”).

Abstract. The article is devoted to the analysis of the transformation processes in the Visegrad countries that have occurred since their entry into the European Union. The author characterizes common economic results of Hungary, Poland, Slovakia and the Czech Republic in relation to the European trends and positions of the main member states that allow to evaluate the results of the transformation processes in every member of the V4. The features of individual countries in the external trade sector, investment sector, financial stability and labour market are specified. The author describes the main reasons of economic development of the V4 among which inflows of FDI and developed foreign trade sector are identified. The TNCs’ role in the economies of the Visegrad countries is analyzed including its influence on the economic structures of Hungary, Poland, Slovakia and the Czech Republic. The conclusion is made about a disproportionately developed secondary sector in the region compared to the EU due to the presence of foreign capital. Special attention is paid to the question of the dependence of the Visegrad countries on the EU, including the influence of financial flows from the European Union on their economic development. An assessment of revenues from the EU budget to the Visegrad countries and the positions of these countries in relation to other EU members is given. The reasons for the non-entry of Hungary, Poland and the Czech Republic into the Eurozone are analyzed. Not only political motives, but also economic, social reasons of permanent shift of the euro adoption terms are considered. In general, the V4’s fifteen-year period of participation in the EU can be called difficult, however, the countries managed to advance in further integration into the EU while maintaining the heterogeneity of economic results within the Visegrad Group itself.

Keywords: The Visegrad Group, economic development, EU integration, EU norms, Eurozone


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For citation:
Chetverikova A. The Visegrad Countries in the EU: Economic Results. World Eonomy and International Relations, 2020, vol. 64, no. 2, pp. 63-70.

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