Economic Growth and Convergence of the New EU Member States

The aim of the article is to explain current trends and determinants in the economic growth of the new Member States of the European Union. Furthermore, the direction of, and prospects for, real convergence in relation to the EU average will be evaluated. The article will attempt to emphasise the external and internal challenges with which the current European economy is faced. It is focused primarily on the impact of globalisation, the current economic recession and the changing conditions for economic development in the environment of the expanded European Union (EU-27). Methodically, the study (paper) proceeds mainly from the macroeconomic analysis of empirical statistic indices (indicators), as well as from the quantitative analysis of scientific sources. The processes of real convergence will be observed based on the development of GDP per capita in the PPP, and the results of the coefficient of variation. The factors of economic growth are observed as per the growth accounting.