A recent week-long trip from Germany to Norway to Spain has given an American traveler a unique perspective on the state of the global economy. In the United States, we often focus on our own economic problems, but in Europe, the conversation is different. Europeans are acutely aware of their inability to keep up with the U.S. powerhouse.
The statistics are clear: in 2008, the U.S. and euro-zone economies were roughly equal in size. Today, the American economy is almost twice as large as the euro zone. This disparity is evident across various measures, including average income and wages. European income is now 27% lower than in the U.S., and average wages are 37% lower. Even with Brexit and hopes for a close relationship with the U.S., it’s a stark reality check for Britons – they may have envisioned becoming part of America’s 51st state, but in reality, they would be its poorest state with a per capita GDP lower than that of Mississippi.
In these uncertain economic times, staying informed about global economic trends is crucial for navigating challenges effectively. The Washington Post recently published an opinion piece by Fareed Zakaria on the economic differences between Europe and America. For more insightful analysis and commentary, visit The Washington Post website or contact Fareed Zakaria at fareedzakaria@turnercomcast
