Hungary to catch up EU15 in 35 years
Researchers at University of California, LA (UCLA) made a survey on EU member countries in Eastern Europe.
Though these countries are on their way of catching up with Western Europe, they all have got a long way to go, the study affirms. According to UCLA calculations, it will take Hungary 30-35 years, the Czech Republic 25 years, Romania 45-50 years to reach Western Europe's level. The two extremes are Slovenia, only 5 years back, and Bulgaria who, the study says, won’t catch up with the rest of the EU for a 100 years.
The UCLA research shows that there has been $240 billion worth capital coming to the CEE countries since 1989. At present Hungary's productivity is 60% of the EU average. In the early 1990s, CEE wages were as low as 7% of the German or Austrian wages, and now they are as low as 20%. As for the differences in economic structure, the study shows that in the EU15 countries, people employed by SMEs amount to 50% of the total workforce, while in Hungary the ratio is only 20%, and even lower, 10% in other countries of the region. (Magyar Hirlap)
ADVERTISEMENT
MBH Bank Closes Acquisition of Duna Takarék Bank
Orbán Augurs Economic Rebound From Q3
Corvinus Uni, ExxonMobil Sign Cooperation Deal
Budapest Muni Council Clears Rác Baths Renovation
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
