Well, not really. Their low population means that EU integration helps their GDP per capita disproportionately.The baltic states are all doing mighty fine economically despite their "limited potential" - far better than most of the former Soviet Union, even Mother Russia herself - so they must be doing something right, no?
Entire population of Estonia (1 million) + Lithuania (2.7 million) + Latvia (2 million) is lower than Hong Kong alone.
Despite the low population and EU integration they're stuck at ~20k GDP per capita after decades of EU aid and free existing industrial infrastructure.