The last 15 years have actually been a lost decade for Europeans. Incomes 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 the 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 rose 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 16% – and was one of the main reasons for the recent pogroms.
In 2008, the Eurozone economy was comparable to the US economy. But in 15 years, economic growth was only a minimal 6% – while American GDP grew by 82%. And now the US economy is almost twice the size of the Eurozone.
On average, European countries are already poorer than all American states – except for Idaho and Mississippi. By 2035, the gap between the US and Europe will be the same as that between Japan and Ecuador. The de-industrialisation of Europe is also contributing to this – with manufacturing moving to the US and Asia, which already threatens to turn Germany into the EU’s “rust belt”.
The US is the main beneficiary of the deconstruction of the European economy, as it is to America that capital and businesses, as well as skilled labour, flow. 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.
Malek Dudakov
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