EURACTIV: Europe’s Economy is Falling Behind: a New Commissioner can help it Catch Up

EU leaders are sounding the alarm on Europe’s industry and innovation falling behind the US and others. Europe’s economic muscles have atrophied while the United States and China are pushing the world into the next generation of innovation and industry. Deep changes are required.

Europe is facing two crises that will define its common future. Russia’s ongoing war of aggression against Ukraine remains an immediate threat to a Europe whole, free, and at peace.

But French President Emmanuel Macron and German Chancellor Olaf Scholz see another “mortal” threat to Europe — a competitiveness crisis. A growing chorus of officials, analysts, and industry executives are concerned that Europe cannot compete with the US, China, and others in key areas of the global economy.  

In 2008, the EU and the US had roughly the same GDP — over $14 trillion — but in 15 years the US nearly doubled its GDP to $27 trillion, while the EU’s barely increased to over $16 trillion. The EU’s GDP expanded 0.5% in 2023, while the US’ increased 3.1% and China’s jumped 5.2%. 

Read more here.