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THE MIDDLE-INCOME TRAP IN POST-SOCIALIST MEMBER COUNTRIES OF THE EUROPEAN UNION
Abstract
The former socialist countries that joined the European Union have since managed to reduce the distance of wealth separating them from the richest countries of this bloc, albeit at varying degrees and pace. In the last few years, the so-called middle income trap, which may pose a threat to EU-member post-socialist countries, is attracting more and more attention. Although this concept has many definitions, their common thread is the exhaustion by states falling into such a trap of current simple development factors and their stuck on a certain level of prosperity. This threatens to lose the distance to more developed countries over time. This is particularly emphasized in the European Bank for Reconstruction and Development reports. The aim of the article is to examine the impact of selected macroeconomic and non-economic factors on the level of income represented by GDP per capita measure and in Poland and other post-socialist countries that are members of the European Union. The survey covers the years 2011-2017, which will allow to omit the specific period of the 2008 financial crisis and its immediate consequences. The data come from Eurostat database. For the purpose of assessing the above-mentioned factors, an econometric model based on panel data is estimated.
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