“The old narrative is hard to shake One of the key narratives of recent economic history has been the precipitous decline of Europe’s role in the global economy. A range of factors, from a lack of investment and technological shortcomings to policy and demographic challenges, have converged such that lacklustre growth had come to be considered the norm in Europe. This is borne out by a range of statistics, not least Europe’s relative share of world gross domestic product (GDP). In 1980, Europe (including the United Kingdom) represented around 35% of global GDP, while the United States represented 25%. Today, the US’ share has remained constant but Europe’s has slumped to 15%–a startling decline.”
Morten W. Langer
