Transformations  in
Business & Economics

The Analysis of Socio–Economic Progress and Future Perspectives in the New EU Members
Remigijus Čiegis, Rasa Jurgaitytė, Andrius Rakickas, Roberta Kareivaitė

ABSTRACT. Inequality among different countries has existed for a long time. The creation of European Union (EU) in year 1992 had to solve these inequalities, but they remained. The 1^st of May in 2004 was the second test for the EU as new members had joined the common market. New challenges had pointed the same task: to reduce social and economic inequalities in different regions and to enhance sustainable development.

The article analyses the economic growth in the EU countries and shows Lithuania’s position among them. Social welfare in different regions has a direct correlation with the sustainable economic growth and development. The socio-economic progress is analyzed by using four macroeconomic indicators such as production output, unemployment rate, employment and inflation. Besides, other indicators are involved such as productivity, balance of trade, fluctuation of exchange rate, investment, salaries, demographical situation, migration, technological improvement etc. The interdependence of above-mentioned indicators resulted in the final rate - gross domestic product (GDP).

KEYWORDS: regional policy, macroeconomics, socio-economic progress, gross domestic product, inflation, employment, productivity, European Union.

JEL classification: M31, M39.