Beyond Expectations: Slovenia and Poland Surpass Southern Europe’s Living Standards

Cairo: Hany Kamal El-Din

In the European Union, leading countries in terms of living standards by 2029 have been named. According to Bloomberg, Slovenia and Poland are set to surpass Southern Europe in living standards by 2029. Former socialist bloc countries that joined the EU after the collapse of the USSR are expected to outpace Southern Europe in living standards over the next five years, as reported by Bloomberg.

According to the latest forecasts from the International Monetary Fund (IMF), per capita income in Slovenia is projected to exceed that of Italy by 2029 in terms of purchasing power, reaching $65,000 in GDP per capita. Similar results are expected from Lithuania and Poland, while Spain’s indicator is set to drop to around $60,000.

This rapid progress in Eastern European countries has been attributed to production growth fueled by foreign investments and access to the EU market and funds, the publication notes. For comparison, at the time of Slovenia, Poland, and Lithuania’s accession to the bloc in 2004, the gap in living standards was nearly double.

Previously, analysts estimated that by 2025, the United Kingdom would become the weakest economy in the G7.