Why economic power is moving east in Europe too

We are already familiar with the idea that economic power is moving east. In the last few decades, the Tiger economies, with their turbo-charged growth, low debts and modest government spending, have all easily out-stripped the more sluggish economies of the West.

When we say power and wealth are moving east, we usually mean the Far East. But without anyone noticing very much, a similar shift is now underway in Europe as well. East European capitals such as Warsaw, Prague and Bratislava are now wealthier than Vienna, according to research by the Brussels-based think-tank Bruegel.

It is now nearly a quarter [...]

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