“Europe’s economic and social collapse has been so dramatic and its political and social decay so severe that it is a cause for concern.”
European leaders have been left with no choice but to confront this threat, writes Philip Pullella.
Europe’s economy has been on the slide for years, but its economic future has been far from certain.
In 2016, EU countries lost their second-largest share of the global economy, with the UK leaving the union, the UK and Germany having been in the EU since 1998, and the European Commission’s budget being reduced by a third.
Since then, European countries have struggled to find a balance between maintaining their own economies and competing with those of the United States and China.
This is not to say that the United Kingdom is not capable of coping with these challenges.
But the situation is much different.
In the United states, for example, the economy is growing at the rate of 4% per year, far outpacing the EU.
Yet, the country has only managed to recover its pre-Brexit gross domestic product (GDP) by 2.7%, according to a report from the Congressional Budget Office (CBO).
Moreover, the United Nations’ World Economic Outlook 2016-2021 report projects that the world will see a 3% growth in GDP by the end of the decade.
This is a lot less than the 0.6% that the EU and the United Arab Emirates are projecting.
The United States, on the other hand, is projected to grow by an additional 1.2% in 2020, which will put the country on track to overtake the United State in 2020.
Even more troubling is the prospect that the US will not only maintain its strong growth rate, but will increase it at an even faster rate.
In 2020, the US economy will be estimated to be $2.7 trillion larger than the EU economy.
This translates into a total economic output of $7.7trillion.
Meanwhile, China’s economy is projected by the World Bank to be larger than that of the EU by the year 2030.
To be sure, the EU, United Kingdom, and China have all been relatively successful at balancing their economies.
They have also all benefited from rapid technological and financial growth.
Yet this growth has also come at a great cost.
For example, China has lost a staggering 4.2 million manufacturing jobs since 2000.
While this is not the result of government policy, it reflects a general decline in the manufacturing sector, as China has struggled to compete with the US and other major economies in Asia.
This has led to a loss of jobs, increased unemployment, and increased inequality, as the manufacturing workers of China have been forced to compete in the global marketplace.
As a result, the global economic and financial systems have been in a downward spiral for far too long.
Furthermore, it has been clear that Europe has a major role to play in keeping the global financial system stable.
Yet, the recent Brexit vote and the upcoming election in France, which the French government is expected to win, have seen the European Union’s political and economic elites reassess its position in the world.
In fact, the French leadership is already looking to the United Sates, as well as Canada and Australia, as potential partners in the European project.
European countries, therefore, have to choose a new way forward.
The European Union has the power to shape the course of events in the 21st century.
It has the ability to shape our collective and global destiny, and it has the means to ensure that this is a period of sustained growth and prosperity for the continent.
Read more from The American Conservatives:European economic leaders have a lot of work ahead of them to confront the challenges posed by the threat of climate change.
The consequences of climate disruption are becoming more frequent and severe as a result of human activity.
In addition, there are the economic costs of the carbon emissions associated with the current global economic model.
Europe faces a dilemma that is far from being easy to solve, and that is why it is imperative that Europe and its leaders begin to plan for the future and take the necessary steps to ensure the long-term survival of its own economies.