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Submitted by Andrejs on

It's a bit sad that the story here is quite one-sided (using the change in GDP as a key measure of success). If we add to the story the changes in the countries' private debt levels, then it becomes quite different. On average the private debt in these 10 countries has increased by 47% of GDP between 2004 and 2012 according to Eurostat (sorry, these are unweighted averages, but still make a point I hope). This has generated an average of 40% increase in GDP across the 10 countries (again - unweighted average). So, the million dollar question is - if your income increases by 40% and your debt by 47% of GDP - is this success?

Sorry for bothering you, but as a former WB staff member in the region I just had to point out these few things...

Regards,
Andrejs

P.S. And, just some food for thought - could it be the case that the Risk of Poverty rate has declined just because the jobless people have left the respective countries?