Measurement and Evaluation of the Real Economic Convergence of the V4 Countries with the European Union

Socio-economic factors play a key role in the development of a society, the status of which is a means to measure and assess the tendencies and the degree of economic convergence or divergence. On the whole it can be said that this is a natural and continuous process that requires permanent engagement and which, subject to certain factors, occurs at different speeds. A key factor that affects the dynamics of these processes is geographical area. This is the case for the Visegrad (V4) countries within Central Europe. The development of this region has over many years been influenced by similar economic, cultural, geopolitical, natural and ethnic interests that have been intertwined through historical developments, power interests and the strong common desire to see their economies converge with those of Western Europe. The aim of the study presented in this article is to measure and evaluate the real level of economic convergence of the Visegrad countries eleven years after joining the European Union. This is achieved by the means of β - and σ - convergence using regression analyses for the monitored periods 2004-2014, 2004-2008 and 2008-2014.