The economic success of Central and Eastern European countries such as Czech Republic, Slovakia, Poland, Hungary, and Slovenia has been recognized by Raiffeisen. However, the journalist notes that political problems were sometimes underestimated during the EU’s eastward enlargement. The opening of the border fence near Sopron in 1989 marked the beginning of the dismantling of the Iron Curtain that divided Eastern and Western Europe. The EU’s expansion in 2004 further integrated eight countries into the legal framework of the European Union, with additional countries joining in subsequent years.
Despite continuous growth in their economies since joining the EU, challenges at the political level were not fully anticipated. There has been a rise in right-wing populist parties in these countries, leading to increased skepticism towards the EU. While joining the EU brought benefits for many, there were also clear losers in the process, such as older individuals who may have lost job opportunities.
Experts suggest that future EU enlargements should consider geopolitical and social components more carefully to address the concerns of all citizens. The integration of Central and Eastern European countries into the EU has brought economic prosperity but also highlighted the importance of understanding and addressing political and social challenges. In particular, experts suggest that future enlargements should take into account issues such as corruption and organized crime, as well as addressing concerns around immigration and cultural differences.
The economic performance of these countries has been impressive since they joined the EU. Collectively, they contribute 8.7% of its GDP. Trade within these countries has become increasingly important, with significant growth seen in Poland and Hungary.
The banking sector also shows promise for further development in these countries.
Overall Raiffeisen recognizes that while there have been significant successes since Central and Eastern European countries joined