Following our previous papers about economic
convergence of Baltic and Visegrad countries and long-term development
forecasting, we want to review the latest Eurostat
data
about Europe and OECD economies in purchasing power standards (PPS).
There are at least three reasons for that. First of all, we look for the
best way to compare GDPs between countries. Secondly, we seek
appropriate and the most reliable data to model international
macroeconomic convergence processes. Finally, we want to draw your
attention at the latest Eurostat data, which stresses extremely strong
growth of Baltic countries.
Economic development of the European Union member states is a live
international macroeconomic experiment. Theoretical analysis and
possible modeling of these processes is a real challenge to all analysts
and theorists. EU experience would be much more useful if the running
economic processes were understood from the macroeconomic theory point
of view. Noticed laws would be handful, solving issues of the EU economy
in the future. In our opinion, observed regularities follow especially
stable trends. The observed regularities of macroeconomic trends could
be useful to forecast long-term economic development in the manner of
natural sciences. This could be done in much larger extent, than, for
example, in the weather long term forecasting. In a previous article
"The phenomenon of economic growth of Baltic
countries" we
used World Bank data to point on a particular universality of economic
growth in different regions. There we partly revise the data by adding
Scandinavian countries to already reviewed Baltic and Visegrad regions.
In the first graph we plot GDPs in USD, current prices, of these EU
members’ and Norway from 1995 to 2012. The same data is show in three
different ways to stress various growth
trends.
