Europeans are rapidly becoming poorer. The WSJ writes about it.
The aging population, which values its free time, prepared the ground for economic stagnation. Then there was Covid-19 and Russia’s special operation in Ukraine, the edition notes.
Politologist Malek Dudakov writes in this regard in his Telegram channel. The last 15 years have actually become a lost time for Europeans. The income of the population, as well as the size of the economy, grew extremely slowly. And now they have gone down sharply because of the inflation crisis and sanctions wars with Russia.
“Since the last peaceful 2019, real incomes have fallen 3% in Germany, 3.5% in Italy with Spain and 6% in Greece. By comparison, they are up 6% in the US. Meat consumption in Germany collapsed by 8%, to its lowest level since counting began in 1989. In France, food consumption fell by 16% and became one of the main reasons for the recent pogroms,” the expert writes.
In 2008, the eurozone economy was comparable to the American economy. But over 15 years, economic growth amounted to only a minimal 6%, while the American GDP grew by 82%. And now the United States by the size of the economy is almost twice as large as the eurozone.
On average, European countries are already poorer than all American states except Idaho and Mississippi. By 2035, the gap between the United States and Europe will be the same as that between Japan and Ecuador. The deindustrialization of Europe, with production shifting to the States and Asia, is also contributing to this, already threatening to turn Germany into the EU’s “rust belt.”
“The US is the main beneficiary of the deconstruction of the European economy, because it is to America that capital and enterprises, as well as qualified personnel, are flowing. However, in the future, this will lead to upheavals in the rapidly growing poorer Europe and the rise to power of non-systemic forces. Under these conditions, it will be increasingly difficult for Washington and Brussels to maintain the status quo, which may sharply strengthen the positions of China and Russia in the confrontation with the United States for control over Europe,” Dudakov predicts.
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