Abstract
The article describes the features of the processes of economic convergence in the countries of Eastern Europe for the last 10 years. The analysis of β- and σ-convergence was carried out based on a system of macroeconomic indicators with 10 key parameters. The calculation of the direction and speed of convergence was performed using the econometric instruments in the region as a whole and pairwise analysis of the β-convergence index for all analyzed countries. The obtained results allowed to conclude the inequity development of Eastern European countries and the lack of a stable trend towards convergence of macroeconomic indicators. The resulting model is universal and can be applied to other world regions or to determine the processes of convergence of another system of macroeconomic indicators and choose main directions of reforming to bring national economies closer and achieve stronger external relations.
Highlights
An analysis of country development dynamics in historical terms allows us to conclude that there are constant fluctuations in macroeconomic indicators, which in turn lead to increasing structural imbalances within certain groups of countries and regions
Eastern Europe has not had a stable development trend over the last 10 years. Both convergence and divergence processes were observed in Eastern European countries, but the convergence trend prevailed to a greater extent, as evidenced by the results of verification of data for the presence of σ-convergence processes
The convergence of macroeconomic indicators and the convergence of national economies within individual regions is a way to increase the efficiency of country development in the context of globalization
Summary
An analysis of country development dynamics in historical terms allows us to conclude that there are constant fluctuations in macroeconomic indicators, which in turn lead to increasing structural imbalances within certain groups of countries and regions Such a growth of regional inequality leads to several problems, in particular the slowing down of economic growth due to deteriorating international trade conditions, increasing social tensions due to the intensification of migration processes etc. Trade between countries and the consumption of goods and services has decreased significantly, which has led to a certain or, at least, temporary restriction of cooperation between countries, reducing the level of globalization Under such conditions, it becomes much more difficult to maintain stable convergence trends, so this study will help to evaluate the future losses in convergence processes in Europe due to the COVID-19 pandemic
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