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Abstract(s)
Governments and international organizations have implemented efforts to promote the
convergence of socioeconomic indicators between countries. The structural funds adopted by the
European Union institutions are examples of policy instruments implemented to promote convergence in the GDP (gross domestic product) among the member states. Nonetheless, these policy
measures are dependent on several internal and external factors, making these efforts vulnerable to
exogenous shocks such as those associated with the global financial crisis and the COVID-19 pandemic. From this perspective, this research aims to analyze the convergence trends over the last few
years and assess the respective implications of the pandemic on this framework. For that, statistical
information from the World Bank for the GDP per capita was considered for the period 2006–2021
for all countries and organized for each group of levels of income and each world region. These
data were analyzed through panel data approaches, considering the developments in convergence
theory. The results show that the signs of convergence are different for each level of income and each
region, highlighting the idea of clubs of convergence. On the other hand, the pandemic disturbed the
trends of convergence verified worldwide, but nonetheless, it seems to be on a smaller scale than the
global financial crisis. In any case, these findings should be confirmed in future research with more
recent data.
Description
Keywords
GDP per capita panel data sigma convergence beta convergence
Pedagogical Context
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Publisher
MDPI