The Baltic states and Poland: economic development peculiarities

Abstract

The selected countries stand out from the European Union by high level of openness in terms of trade, soaring financial sector integration with the foreign banks, and exceptionally vivid economic growth and convergence. However the global economic downturn put a harsh test for the quality of economic policies, and international competitiveness of the three Baltics states and Poland. The paper aims at revealing the major challenges, developments and progress of the three Baltic countries and Poland on their way to real convergence. The article also emphasises the most problematic economic and social issues under the conditions of global economic downturn and economic outlook of the selected countries.