GLOBALIZATION VS. ECONOMIC GROWTH IN NEW COUNTRIES OF THE EUROPEAN UNION
GLOBALIZATION VS. ECONOMIC GROWTH IN NEW COUNTRIES OF THE EUROPEAN UNION

Summary/Abstract: The main goal of this paper is to show the level of globalization, its changes and the rate of economic growth that have taken place in the new Member States of the European Union (EU), exactly the former socialist countries (EU-11). The aim is also to present the impact of globalization on economic growth in these countries. The following research methods were used: historical, literature, descriptive analysis and simple statistical methods. Statistical data used in this paper come from KOF (index of globalization and its three subindices), Eurostat and Human Development Reports (United Nations Development Programme). The time range of research is 1990-2018. The main conclusions of the study are as follows: 1.The level of globalization of this group of countries has increased significantly; 2. The largest increase took place in countries where the level of globalization at the starting point was the lowest, and the lowest in the most globalized countries; 3. As a result, the differences between individual countries have significantly diminished (we can see the convergence); 4. The current level of globalization of these countries is mainly the result of the combined action of both systemic transformations and the process of integration with the EU. 5. The rate of economic growth in these countries is rather high, much higher than in the old EU. As a result, GDP per capita increased significantly; 6. A small positive correlation exists between the degree of globalization and GDP per capita in these countries; 7. The positive impact of globalization on economic growth in the analysed group of countries was also noted.

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