Paper Title
ECONOMIC GROWTH, REAL CONVERGENCE AND SOCIAL CONVERGENCE IN SOUTHERN AND EASTERN EU COUNTRIES: PORTUGAL AND HUNGARY CASES

Abstract
Abstract - This paper studies the processes of economic growth and real convergence of Portugal and Hungary, compared to the European Union average, between 1994 and 2022. The quantification of real convergence is done using the conventional measures used for this purpose, sigma, beta and “catching up”. By analogy, these measures are used to quantify the so-called “social convergence”, through various quality of life indicators. Next, an analysis is made of the potential relationships between real (or “economic”) convergence and “social” convergence, highlighting the importance of income and wealth inequalities and making a brief reflection on other relevant dimensions, namely, the governance of the area euro, and consequent budgetary austerity; the aging of the population and migratory movements; different cultural habits and values, for example, regarding work effort and the degree of confidence; the relative weight of public (welfare state) or private (individual and family networks) social protection; the quality of institutions andlevel of corruption; and, in general, the differences in very long-term historical trajectories and its long lasting effects.