The Impact of the COVID-19 Crisis on EU Income Convergence Patterns
These authors contributed equally.
- DOI
- 10.2991/aebmr.k.220603.168How to use a DOI?
- Keywords
- COVID-19; EU convergence patterns; Beta factor analysis; Strategies
- Abstract
The convergence process has been a recurrent topic since the establishment of the European Union. Historically, there have been sizeable income disparities between West and East Europe. When coupled with a global crisis, this gap could have unforeseen implications on regional economies. When COVID-19 hit human society by storm, it led to tremendous damage to health and economic conditions. It begs the important question of how this global crisis impacts regional economies. In this paper, we investigate the effect of the COVID-19 financial recession on the European Union convergence process. The study presents data collected from various sources to introduce the basic idea of convergence. This study quantitatively concretizes the convergence process using GDP per capita as a dependent variable and other socioeconomic parameters as input. Through empirical analysis by using linear regression, we conclude that the recession slows down the convergence process in the European Union, which is consistent with most predictions. The fact that it did not cause further divergence reveals the resilience of the European economy.
- Copyright
- © 2022 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article distributed under the CC BY-NC 4.0 license.
Cite this article
TY - CONF AU - Tianyu Yan AU - Weihe Yu AU - Ziyu Zhao PY - 2022 DA - 2022/07/01 TI - The Impact of the COVID-19 Crisis on EU Income Convergence Patterns BT - Proceedings of the 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022) PB - Atlantis Press SP - 1033 EP - 1039 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.220603.168 DO - 10.2991/aebmr.k.220603.168 ID - Yan2022 ER -