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Economic slowdown for new EU member states: Austrian institute

Xinhua, March 13, 2015 Adjust font size:

Member states of the European Union(EU) in central, eastern, and southern Europe fail to catch up economically with the rest of the EU countries as quickly as before, according to an Austrian research.

The Vienna Institute for International Economic Studies (wiiw) said Thursday it expects the economic performance of the states in the aforementioned regions to increase by just under 3 percent over the coming years, about 1.5 percent higher than the average of the euro zone.

Prior to the global financial crisis, economic growth for countries in central, eastern, and southern Europe doubled that growth advantage over the remainder of the EU, it said.

The institute believes the region will grow by about 2.7 percent in 2015. The region will pick up its pace of economic development in the next two years, according to the wiiw. Enditem