Romualdas Ginevičius

Faculty of Public Management and Business, 

Mykolas Romeris University, 

Vilnius, Lithuania

romualdas.ginevicius@mruni.eu 

ORCID 0000-0003-2067-4398

Evaluation of the economic development of European Union countries

Abstract. In the European Union (EU), as a global economic community, there are countries with very different levels of economic development. Therefore, it takes place unevenly – some countries develop intensively, but with significant changes in it, others – stably, without significant changes, but not intensively, etc. In such a situation, it is important to determine adequately the current state of economic development. It is an integral quantity that combines both development changes and intensity. These two components of development form two of its partial indicators. Combined into one size, they comprehensively reflect the current situation of the country’s economic development. Development refers to a process, so it must be assessed not on the basis of the state at the end of the period under consideration, but on the whole of this period. The presentation of development in the sense of recent years does not reflect the overall development process, based on the economic development of countries 2018–2022. Their ranks are determined by the results of the comprehensive assessment. Since they do not adequately reflect the current situation, the countries were combined into homogeneous groups, where countries with close values of the economic development indicator were located. This allows to highlight the economic development trends of EU countries.

Received: March, 2023

1st Revision: October, 2023

Accepted: December, 2023

DOI: 10.14254/2071-8330.2023/16-4/11

JEL Classification: F63, C02, C13

Keywords: evaluation of countries’ economic development and their grouping, GDP