The panel discussion about Central Europe’s economic potential at the Central European Summit, an international conference organised by the Oeconomus Economic Research Foundation and the Center for Fundamental Rights on 15 April, featured Sandra Božić, Vice President of the Government of Vojvodina, Łukasz Wojdyga, Director of the Polish Center for Strategic Studies at Warsaw Enterprise Institute, Lukáš Parízek, founder of the Visegrad 4 Business conference, and Bryan E. Leib, American researcher at the Center for Fundamental Rights. The discussion was moderated by Szabolcs Pásztor, Research Director of Oeconomus. According to the participants, the region’s dynamic development is due to the structural reforms of the past decades, EU integration and foreign investment, but the key to future success lies in innovation, education and independent economic policy. Opinion leaders from Hungary, Serbia, Poland and the US pointed out that in the face of demographic challenges, geopolitical tensions and protectionist tendencies, national interests and regional cooperation have become more important than ever.
In his opening speech, Szabolcs Pásztor outlined the main milestones of the region’s economic transformation:
“In 1995, GDP per capita at purchasing power parity was 36% of the Western European average, while today it is 70% in Poland and 90% in the Czech Republic.”
He identified structural reforms, rising labour productivity, European Union integration and foreign direct investment (FDI) as the drivers of growth. He stressed that in order to take advantage of global economic trends such as “friendshoring” or “nearshoring”, the region needs to invest further in innovation, education and technological development.
Central Europe’s influence in the world economy
Sandra Božić detailed the dynamic development of the Serbian economy:
“Serbia is the second fastest growing economy in Europe.”
She said that sovereign economic policy, close Hungarian-Serbian cooperation and diversified foreign investments – involving Chinese, German and American capital –significantly increase the economic weight of the region. Particularly in the midst of geopolitical tensions, she sees it as crucial to put national interests first and to strengthen regional ties, such as cooperation with the Hungarian industry.
Lukáš Parízek backed up the economic importance of the Central European countries with concrete figures: “Our trade turnover with Germany, the EU’s largest economy, exceeds €300 billion, which is more than the volume of trade between Germany and the United States.” He added that the imposition of global tariffs meant that the region needed to focus on internal development to remain competitive.
Łukasz Wojdyga identified the private sector as the foundation for the success of the Polish economy. It is businesses that have ensured growth above the European average. However, he pointed out that development continues to be hampered by a complex regulatory environment and weak institutional structures, which pose challenges, particularly in the area of legal predictability.
Bryan E. Leib argued for putting the national interest first from an American perspective. “Every country must put its own people first,” he said, referring to Trump’s “America First” policy. He added that the US is ready to do business with stable, politically allied countries, but the era of big aid is over.
Central Europe’s opportunities in the new wave of globalisation
Sandra Božić stressed that Serbia is already at the forefront in taking advantage of global trends: “We are not only prepared, but we are actively realising these opportunities.” She said that putting national interests first and Hungarian-Serbian cooperation, such as the close relationship between Viktor Orbán and Aleksandar Vučić, are key. She added that Serbia is strengthening its industrial capacities, for example in the automotive and technology sectors, through investments from China, Germany and the US.
According to Lukáš Parízek, foreign policy should be aligned with business interests, as the business sector fills up the state coffers. He criticised the EU’s top-down regulatory approach, which he said often ignores the needs of the private sector. He called for balanced economic policies that both protect local industry and remain open to global trade and investment opportunities.
Łukasz Wojdyga sees the Russian-Ukrainian war as a reason why many Western companies have moved their production to Poland. To maintain long-term competitiveness, he says Poland needs to shift to innovative, high value-added sectors, which will require significant foreign capital inflows, for example in the form of US or Chinese investment.
Bryan E. Leib stressed that the US private sector is open to good investments, especially in stable, politically allied countries. He suggested that Central Europe should build ties with conservative US states such as Florida or Texas.
The region’s response to demographic and economic challenges
Łukasz Wojdyga drew attention to the long-term effects of the demographic crisis: by 2050, Poland’s population will fall by 20%, putting significant pressure on pension systems and economic activity. He stressed the importance of infrastructure development, in particular the development of north-south transport links, which would strengthen regional integration. He also called the fight against protectionism and the maintenance of free market principles key to competitiveness.
Anton Oleksiy is currently a Master's student in Political Science at the Faculty of Law and Political Science, Eötvös Loránd University. Previously, he worked as an intern at the Hungarian Institute of Foreign Affairs, where he focused on the political situation in the post-Soviet space.
He specialises in international relations and diplomacy, in particular political and economic developments in the post-Soviet states.
