The path has been marked by volatility, with periods of economic growth interrupted by stagnation or even recession, mainly due to the global financial crisis and the impact of the COVID-19 pandemic.
Looking at Eurostat’s timeline for the last 20 years, we see solid growth between 2004 and 2008. The global economic crisis brought a turning point, stalling income growth between 2008 and 2011, followed by actual declines in 2012 and 2013. Since 2014, the European economy has resumed its upward trend, interrupted again by the sharp contraction in 2020 caused by the pandemic. The year 2021 brought a rapid recovery, followed by a slower consolidation in 2022 and 2023, while preliminary data for 2024 indicate a new acceleration in growth.
The most impressive performance in the entire EU was recorded by Romania, where real household income per capita has exploded by 134% over the last two decades. In the ranking of the most dynamic economies, Romania is followed by:
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