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THE CHANGES OF ECONOMIC DEVELOPMENT INDEX: THE BALTIC STATES IN THE CONTEXT OF EUROPEAN UNION
Abstract
The purpose of this research is to analyze the state of economy development results and factors and to compare them in the Baltic States: Lithuania, Latvia and Estonia in the context of the European Union countries (EU-27) in the period of 2005-2012. In order to examine the changes of economic development, the index of economic development as part of sustainable development in conditions of globalization in these countries, was used and calculated, year 2005 was chosen as base. For the determination the index of economic development the three indicators were used: indicator of gross national income per capita, indicator of foreign direct investment per capita and indicator of employment. The research shows that the amount of foreign direct investment decreased in Estonia and the EU-27 significantly after year 2005 and global financial crisis that lowered common development of economic activities. Due to this reason the indexes of economic development of Estonia and the EU-27 in year 2012 fell below its level comparing with year 2005. The indicator of foreign direct investment per capita in Latvia increased during all the analyzed period with the only exception in year 2009-2010, compared with the base year 2005 that did not negatively affect economic activities and index of economic activity. The indicator of foreign direct investment per capita in Lithuania increased in comparison with Latvia less, about 10-40 % each analyzed year, with the exception in year 2009-2010, when the level of foreign investment was bigger in Lithuania, due to this the index of economic development of Lithuania is smaller than this index in Latvia, but bigger than in base year 2005.
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