Romania needs 45 - 50 years to reach the European Western states level of development, a study conducted by the University of California (UCLA) shows, as quoted by Budapest Business Journal.
According to the study, comparing the living conditions in Eastern and Western Europe, Bulgaria needs 100 years to reach the Western standards, while Slovenia only needs 5 years.
Hungary is expected to "align" to the rest of Europe in 30-35 year, while the Czech Republic only has to wait for about 25.
The UCLA research shows that some 240 billion dollars entered the Central and Eastern Europe markets since 1989. The productivity level in Hungary is 60% of the EU average.
At the beginning of the '90's, the average wages in CEE were 7% of the average wages in Germany and Austria, growing to a current 20%.
