The Cohesion Policy of the European Commission (EC) have bolstered the development in the less developed nations and helped to decline the territorial and social discrepancies across the European Union, as per the 8th Cohesion report of the Commission.
Today, the Commission has published the 8th policy report, and on Twitter, it noted that the 8th Cohesion report shows that the policy has boosted growth in less developed regions, underscored,” the policy has helped to narrow territorial and social disparities between areas in the European Union”.
As per the report, the policy named Cohesion has offered much needed and prompt support to the states Member regional and local authorities, especially when the regions have witnessed the economic slowdown amid the viral infection caused by SARS-CoV-2 and the other worst crisis in recent times.
While thanking Cohesion funding, the report stated,” The Gross Domestic Product per capita of the countries which are less developed have anticipatively increased by up to 5 percent by 2023 with the effectiveness of the Cohesion Policy”.
Moreover, the investment due to the policy has reduced the gap between the GDP per capita of the least developed regions and the most developed areas. As per the report around 3.5 percent reduction has been witnessed between the 10 percent of less developed areas and 10 percent of most developed regions.
It further predicted that in the upcoming years, between 2021 to 2027, there will be a massive investment in the regions and the people of the European Union by the new policy programmes. Additionally, it stated that the new package would be stated the new financial firepower of the Next Generation EU package.
As per the finding status of the policy, the report underlined that the Cohesion funding has grown from the equivalent of 34 percent to 52 percent of the total public investment between the 2007-2013 period.