Abstract
The turn of the century was full of dynamic and multi-dimensional changes in the global economy. The most spectacular phenomena may include financial crises. They exerted influence not only on the economy, in which they appeared, but as a result of deepening of globalization, spread "infecting" others. The purpose of this article was an attempt to find similarities in the dynamics of changes in production and global demand that characterized the economy of the selected European Union countries. The starting point was to show the dynamics of gross domestic product (GDP) in selected countries and to find similarities between them. In the next section attention was focused on the changes in the two components of aggregate demand: consumption and investment, particularly on their correlation with the rate of change of GDP. For analysis and comparisons the following economies were selected: the economy of the European Union (represented by the euro zone) and the economy of Central and Eastern Europe.
Highlights
Both the nineties of the twentieth century and the first decade of the new century are undoubtedly difficult times for many economies in the world
The changes in production of Central and Eastern Europe economies were compared with the changes that occurred in the euro area
The analysis of gross domestic product (GDP) growth in the selected countries shows that the most characteristic moment is the year 2007, when all the economies faced a significant slump of production growth
Summary
Both the nineties of the twentieth century and the first decade of the new century are undoubtedly difficult times for many economies in the world. The reasons for both processes are similar: increase in the trade area, concentration of production, increase in the series of produced goods and reducing unit costs, increase in investment, technological progress, easier access to the factors of production, etc The difference between these concepts boils down to the fact that integration means rather merging groups of countries, while the globalization of national economies makes them combine in the world as a whole. Globalization means unlimited access to domestic and foreign markets for all business entities, regardless of the country and geographical region In this perspective, this concept can be understood as a process of progressive internationalization of production, distribution, marketing and exchange of goods, services, capital, labor, technology and natural resources Global demand of two components: consumption and investment, on their correlation with the rate of change of GDP
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
