International Migration as a Factor of Economic Development of Central, Eastern and Southern Europe
DOI:
https://doi.org/10.14665/1614-4007-28-2-002Keywords:
international migration, migrant remittances, GDP per capita, COVID-19 pandemic, European Union, UkraineAbstract
This paper provides the analysis and assessment of the impact of international migration on the economies of Central, Eastern and Southern Europe, which are EU Member States, as well as Ukraine due to the geographical proximity and historical similarity with the CEE countries. To achieve this goal, modeling using panel data was chosen, which well approximates the presented data and can be used for further forecasting. The research has found that the GDP per capita of Poland, Slovakia, the Czech Republic, Austria, Slovenia, Spain, Italy, Greece, and Portugal depends on the inward and outward migrant remittance flows, the level of average annual wages and labor productivity. Foreign-born employment rate in these countries on average is not very high, and therefore is not a determinant of the economic situation of the studied countries. Ukraine's integration into international migration processes has increased significantly in recent decade, so a separate linear regression model has been created for Ukraine using the OLS method, based on which Ukraine's GDP per capita depends on migrant remittances inflows and outflows along with unemployment. The study also analyzes the impact of the COVID-19 pandemic on the selected economies and existing risks in the context of international migration. Spain, where the unemployment rate among foreigners rose to 15.3%, suffered the most from the coronavirus crisis. In addition, the countries of Central and Southern Europe depend on migrant workers, who are involved in such important sectors as health and services.
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