Despite certain difficulties, in particular concerning Greece, Europe benefits from solid assets and can expect to see a return to annual growth of between 2 and 3% over the next ten years, creating 20 million new jobs in the process, according to a recent report by McKinsey Global. This report refers to Europe’s 3 main strengths and 11 growth drivers. In other words, 14 reasons to be optimistic!
Europe’s three strengths. According to this report, entitled “A window of opportunity for Europe” and covering the EU’s 28 countries as well as Norway and Switzerland, Europe benefits from three fundamental strengths:
- Firstly, it is one of the world’s biggest economies, generating 25% of global GDP, equivalent to the NAFTA (North American Free Trade Agreement) zone. Its interior market represents some 500 million inhabitants.
- Secondly, European economies are well integrated in global flows. According to the World Economic Forum, almost half of them figure among the 20 most competitive economies in the world.
- Thirdly, Europe remains the leader for social and economic progress. In this respect, the report cites examples such as Germany’s highly competitive foreign trade, Great Britain’s high-performance service industry, France’s highly developed transport infrastructures, Estonia’s use of digital technologies in the public sector, or the efficiency of Denmark’s energy policy.
11 economic growth drivers. There are 11 fields in which Europe benefits from growth potential. According to this report, certain European countries have already taken initiatives in these 11 fields, and thus fare better than others:
- Eco-system to promote innovation: Netherlands, Switzerland, Portugal.
- Training tailored to the job market: Netherlands, Finland, Slovenia.
- Investments in infrastructures: France, Austria, Czech Republic.
- Energy conservation: United Kingdom, Sweden, Slovenia.
- Urban development: Netherlands, Belgium, Greece.
- Integrated markets for services and digital: Netherlands, Ireland, Hungary.
- Public-sector productivity: Netherlands, Austria, United Kingdom, France.
- Openness to international trade: Netherlands, Switzerland, Malta.
- Participation of women and people aged 50 and over in the workforce: Spain, Norway, Estonia.
- Immigration systems that foster growth: United Kingdom, Ireland, Estonia.
- Labour market flexibility: United Kingdom, Norway, Hungary.
What do you think about these 11 growth drivers and the countries marked as achieving the best performance? Are you optimistic?
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