Regional Development Discrepancies in the Eastern European Union Analysed through the Prism of Growth Determinants

Abstract

The twenty-first century is characterised by major shifts in the global economic paradigms. Europe constantly diminishes its importance in the world slowly drifting towards the secondary roles in determining the progress of human civilisation. The European Union as the main integrational structure on the continent is set to offer Europe a global perspective and consolidate the member countries’ common influence in international relations. Several enlargement waves were undertaken comprising countries of different economic development level. The main mechanism of the European Union in enhancing the economic cohesion among the member states is the Regional policy. The largest portion of financing is allocated towards enhancing the economic potential of least developed EU regions. Considering this fact, the present research is set to analyse the inter-regional development discrepancies in the Eastern European countries i. e. Poland, Hungary, Czech Republic, Slovakia, Romania and Bulgaria in the context of raising global competition and to identify the key economic growth determinants of the nations. The results underline that there is a strong necessity to empower the prerogatives of the EU to increase its ability to decide the issues related to discrepancies reduction, infrastructure investments and improvement of the regional business opportunities.