The IMF predicts that Eastern Europe will soon overtake Southern Europe in terms of standard of living

Almost four decades after the collapse of the Soviet Union, living standards in the countries that left the orbit of the USSR to join the European Union are set to surpass those of the countries in the southern bloc, writes Bloomberg.

According to the latest forecasts of the International Monetary Fund (IMF), per capita income, adjusted according to purchasing power parity, will be higher in Slovenia than in Italy in 2029, reports the Bloomberg agency, taken over by Agerpres. Also according to this indicator, Lithuania will be on par with Italy and Poland will not be far behind.

This change will be a fulfillment of the promise made to the countries that joined the EU in 2004, that they will get closer to the richer western states. The process did not take place as quickly as expected, with convergence suffering numerous delays, starting from the volatile period of the 1990s and ending with the global financial crisis of 2008 and the debt crisis that followed.

It is possible that even the most recent advances are the result of trends that were not taken into account by the economic planners. While the new member states of Central and Eastern Europe have seen their Gross Domestic Product grow significantly, thanks to foreign investment and access to the EU market and funds, the convergence phenomenon has also been helped by slower growth in Italy.

The improvement in living standards is beginning to bear fruit. The migration of workers seeking higher wages to other countries began to reverse. Governments in the region are also hoping their bigger economies will translate into greater political power as they lobby Brussels for things like increased defense spending.