The Legatum Institute’s inaugural Central and Eastern Europe Prosperity Report shows that Austria’s prosperity, covering economic success as well as overall wellbeing across nine pillars, has stagnated over the past decade. Meanwhile, prosperity in the rest of Central and Eastern Europe has risen substantially.
Austria’s stagnant prosperity is explained by one of the world’s sharpest falls in social capital, a measure of the strength of bonds and trust between people and people and institutions.
How can social capital be improved and can this be achieved independently of economic change? Could it help to reverse Austria’s stagnation and propel it to greater prosperity?
Roundtable discussion speakers include
- Andreas Treichl, CEO Erste Group
- Shanker Singham, Director of Economic Policy and Prosperity Studies, Legatum Institute
- Friday, 28 April 2017; 8.45 CET for a 9.00 CET start, close 10.30 CET
- Erste Campus, Am Belvedere 1, 1100 Vienna, Austria
More from the report
The report underscores the importance of looking beyond income or GDP alone as a definition of national success. It shows that while Central and Eastern Europe’s average income remains far behind that of Western Europe, its prosperity, covering economic success as well as success in health and education among other areas, has converged at a much faster rate.
Yet the region now finds itself in a less buoyant global economic environment and a European environment that is increasingly hostile to deeper integration.
The report’s central finding is that ability of Central and Eastern European countries to deliver further prosperity in this challenging environment is limited by the region’s defining and damaging characteristic: one of the world’s largest social capital deficits.