Slow wealth growth of new EU countries predicted

IT could take more than 50 years for the 10 countries joining the European Union to match the wealth of the current members — if they ever do, according to a report out yesterday.

Ten nations - Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia, will become part of the EU on May 1 next year.

Most are relatively poor and are banking on EU membership to provide long-term economic as well as political stability after emerging from the communist yoke.