A new study for ING Wholesale Banking by ING’s Economics Department provides conclusive evidence that the relationship between Western Europe and Central and Eastern Europe and Russia since 1995 has led to important economic benefits across the continent.
The report, entitled ‘Valuing a close connection’, estimates that an additional US$ 512 billion was added to the regions’ combined GDP growth between 1995 and 2011, as a result of growing trade, despite the impact of the financial crisis. It also indicates that some 3.2 million jobs were created across the regions between 1995 and 2008.
It is the first time that the impact the two regions have on each other has been measured by looking at the added value created and its effect on employment.
The study was based on data collected by the University of Groningen, a member of the Excellence Group of leading European universities, which collated national data from 40 countries worldwide.