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Sustainability Requires Balanced Economic and Social Development: The Example of the V4 Countries

It has been taken for granted for a long time that the main objective for economies has to be to maintain economic growth . Economic growth, however, especially when measured by gross domestic product (GDP) can be attractive while human and social conditions deteriorate . Globalisation has created global value chains, which are basically about locating activities into countries where they can be performed at the lowest costs . These processes can hold back economies from moving towards a higher level of development . The article examines the economic and social situation in the V4 countries in international context and on a long time horizon, by using the most important economic and social indicators . The main purpose of the analysis is to get an objective overview of the situation, and to suggest solutions to achieve a  more harmonious economic and social development, which is the necessary precondition for avoiding middle income trap .