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- เผยแพร่เมื่อ 15 มิ.ย. 2024
- A war that has dragged on for two years and shows no signs of ending. High inflation, public spending cuts, recession in Germany -- the headlines about the European economy have not been good lately. But are things as bad as they seem? Investor and author Ruchir Sharma tells DW Business he believes Europe’s economy will be more resilient than the US.
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Chapters:
0:00 Background to Europe's economy
0:23 Ruchir Sharma, Rockfeller International
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#economy #europe #recession
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Broad negative sentiment often marks a bottom.
China bottom ? 👀
I can't tell which type of bottom you mean...
On the whole I think he is right. What happens is what ever everyone thinks is'nt going to happen. There is so much negativity priced into the market now it's actually likely to go up. I far prefer these kinds of time to "new all time high" positivity where even the taxi drivers are all in on the stock market.
The bottom line: Germany continues to face challenges of 0% growth and high inflation in 2024. Another stagnation?
6:40 Her point regarding productivity is factually incorrect. The most productive countries in the world have the lowest weekly working hours. Working more doesn't lead to an increase in productivity, it's the opposite.
they aamay be they are most productive not because they work less, but because previous generations worked hard and full time?
"Working less=produce more"
what?
@@adrian9098 Look it up. The most productive countries in the world are Norway, Luxembourg and Switzerland. Austria, Germany, Denmark and Belgium are almost on the same productivity level as the USA, even though they work 400 hours less on average per year. The countries that work the most are the most unproductive countries in the world. People get fatigue and make more errors the longer they work. Holidays and shorter hours produce more productive employees.
@@PhilippBlumYou are just stating numbers with no explanation at all. How is it possible to produce more in less hours? I work a shift of 10/12 hours average. If I worked a shift of 8 hours I would defenetly be more productive because more rest and less stress. But you cant make it up for the lost four hours that I didnt work.
Im no economy expert but countries that can afford to work less and stay competitive is because a strong welfare and low taxation. The fact that they can work less its because the same job would get their company more revenue then the ones in other countries
@@adrian9098 "If I worked a shift of 8 hours I would defenetly be more productive because more rest and less stress. "
That's indeed one of the big reasons why it's more productive.
"a strong welfare and low taxation"
I don't really understand what you are complaining about. You just stated important factors. On the other hand, a strong welfare system can make economies less innovative. Innovation isn't necessarily about productivity.
Purchasing power parity is more important than often misleading GDP or income per capita.
Many people around the world can live almost an entire year from the money people in NYC, Tokyo or Monte Carlo spend to rent a penthouse for a couple
of months.
Mature consumer economies with vibrant middle classes.
Getting the worse end in those societies
@@wilhelmvanbabbenburg8443 sounds like a you problem
What middle class? That doesn't exist. There's a working class and rich people. Are the middle class between minimum wage and billionaire in the middle? It's just ridiculous.
One thing that puzzles me in Europe, particularly Germany, is having a declining economy with increasing unemployment. In general those have a negative correlation. But Germany keep hiring, and many vacancies can't be fulfilled, even though the country went into recession
That's magic in Germany.... I think the problem with Germany is that in many areas they need qualified people but they can't find it. The second problem is that Generation Z is not willing to sacrifice their life to work..... They want a life work balance of what fits them but it needs changes of the company's thinking.
I'm not sure about Germany in particular, but if you look at the Nethelands - If you have a wide system of welfare by which low-income classes are better off by working less (or not at all) to keep their social benefits (social housing, lower taxes, free daycare otherwise amounting to 1.5k, additional allowance for housing, health insurance allowance), then these classes will have little motivation to work more and move upwards into the middle claas where you are screwd by higher taxes and no benefits at all, where life becomes even less affordable than on the low income.
These benefits can amount to thousands of EUR net monthly, so many students (+student debt) see a drop in their living standard after graduation instead of an increase, although they doubled their gross income.
Further, if you are a higher-earner, you are taxed to oblivion, with an additional 1€ bringing only 0.6€ to your net wage. Bring inflation into that and you're fckd even with 5% increase yoy.
The economy is set up in a way to punish ambition and keep poor being poor. So many skilled workers are now taking jobs in the US instead of staying in Europe. In the long run we end up far less competitive, innovative and productive.
@@klausschumacher7126 Then the government should motivate people to educate themselves, fill these vacancies and earn more. As a high-income earner in the Nethelrands with no benefits of any sort, together with high taxes puts my net disposable income after housing and daycare (prices going up to one average net salary in NL for each) on par with somebody on low income making less than half of what I'm making in gross terms.
In long term this cannot stimulate productivity and innovation. At the same time low-income earners are motivated to stay there and not climb any higher as they will lose these huge benefits.
It is demographics. People go into pension a lot. They have to be replaced, but there are not enough young people to replace them. The same in the Netherlands, although we are a bit delayed.
Germany is also a very export oriented economy, and the world economy is pretty weak right now, which generally isn't great for export.
Strong economy when Germany is in recession?
the recession is only 0.3% and will end this year so
rather stagnation than recession
Germany is not the only economy in Europe. 😅 Italy, Spain, Greece, Portugal and more than HALF of Europe are growing strong, especially the eastern EU members. EU as a whole is growing, 1% in 2023 and 1,7% in 2024. Plus Germany will soon be out of the (small) recession.
Europe is in good shape, stop whining. This is idiotic. Yes, Europe has problems, but (right now) - it is the best place to be!
😂😂😂😂
And who is going to solve these problems? You? By stating that “there are worse places”? How is that a solution, smarty?
Till the USA pulls out of NATO
Lived in Florida for almost 18 years, now in Germany for the last 10. I don’t think Europeans save more than Americans because of the so called shocks (I haven’t felt any other than during Covid times but that was everywhere), but because of priorities. They still spend money, but a little less reckless. Here in Germany people prefer to work less even if it means less money. They definitely travel more and take more vacation. My family is perfect example. While in US I bought my wife a 2.5 ct diamond ring worth almost 20k and of course she bought a brand new c300 merc. Guess what we are driving in Germany 10 years later? You guessed it. Her now 13 year old C300. In return we suck up the sun in Canary islands every winter
It is just your reckless spending - that is all, many people invest and have remote or easy jobs in usa with 6 figure incomes - try to do this in euroep
What?
@@sanzharnaizabekov8166all you said can be done in any country of Europe
i can´t talk about germany but my eu country doesn´t give a f about diamonds we prefer gold, my country has a auto loan problem but nothing comparable with usa, we earn less we save less although germans are know to be saver,switzerland is expensive bit they have a high savings rate, europe is not a monolith, you sound upper class so i wouldnt take your word very serious you will be fine in any country.
Just look how trends spread in the usa vs in most of europe even in the internet age and with european youth more americanized you can still see the difference.
Let's go EU!!! The company I am working for is thriving. Going to double again this year :) Or more.
That’s the spirit! LETS GOO
are they hiring? because in my EU country we are all much poorer
Which company?
@@sonneh86 McDonald's or KFC or some weapons manufacturing.
What country or company?
Every day economic forecasts change. Shame on all the economists making mockery of economic predictions.
Great Interview, really appreciate the good questions and letting the guest speaker talk without interruptions
The interviewer should indeed be commended for allowing the guest to answer fully, but unfortunately, some of her earlier questions were leading and she deliberately resorted to using emotive, sensational language, such as "squirrelling away savings" and "sanctions backfiring", which damaged her journalistic credibility.
Problem is the interviewee. There are more and more Indians/South Asians in CEO positions, economics, academia, finance and banking, and they show up more and more on these shows. But while their English is fluent, their accent is hard to ignore. So regardless of the validity of their opinions, getting past the accent is a hurdle to understanding it.
He starts by saying he predicted good performance for Japan in 2023? Who’s gonna tell him that the country slipped into technical recession and got passed by Germany as 3rd biggest economy
These traditional economists are so often wrong. Don’t understand why we still give their opinions so much weight.
Check the Nikkei Chart 😉
Japan's economy has been recovering this year. It's a forecast.
Even with a brilliant year Japan was going to be surpassed. The demographic problem just reached Japan the first there was nothing they could do. But will hit most western countries too
Nice one! And the data backs up your statement - search for:
"world economics economies by share of global GDP"
Sometimes the media will selectively interview a socalled expert who has a controversial stance to build a narrative for the mainstream public to believe in. Eventhough there are many experts who can debunk his claim.
Yes, I agree. This gentleman does not vote social democratic parties.
In my opinion the Euro should be the world's reserve currency
Bitcoin.
It is among the top
@@jaabaadaabaaadoo😂😂😂😂
it will never happen tho
The usa would never let that happen.
Switzerland is about the people. You can copy the system, but if the people won’t have the right set of mind, nor adequate education, it won’t work.
Do you mean Sri Lanka people or Morocco people
Switzerland is about money. People are the least important thing in Switzerland xD
3 months maternity leave (only US is worse from developed countries), 2 weeks for father… 2-3k€ for childcare and school system that enforces one parent to give up work.
Limited product choice in shops + everything overpriced x3 compared to neighbouring countries (monopolies).
Extremely expensive healthcare costs - one of the least efficient systems on the world (cost vs. service).
Barely any employment laws. No institutions to control the laws, all disputes have to go through lawyers and courts…
The longest full time work week in Europe (42-45h)…
All of that because of lobbying and rich manipulating the public to vote against their own interests.
“Switzerland is about the people” is the funniest thing I’ve read this month 😂
Switzerland is about big multinational corporation and tax avoidance.
@@SamiKotiranta …so is Dubai… and some people are just too stpd to follow and understand an argument, but I guess Switzerland is blessed to not have many of them in relation to other countries. Hopefully this stays that way, lol
Swiss people are known as being excessively xenophobic. So maybe it is better to say "Switzerland is about the right people". And this is coming from a white caucasian born and raised in a nordic nation.
Excellent coverage, great to give the speaker time to expand on his point
I’m surprised given DW’s relentlessly negative assessments of European countries trying to break away from Russian energy dependence.
Long live Europe!!!
Meh
Europe is growing together.
jealous?@@bluepearlagain
Long live the greatest country of Israel!!!!!!!!!!!!!!!!!!!
Mother Europa has many children and they're all industrious, resilient and creative.
Made good points
Super insightful interview without beating around the bush
Summer is coming. Winters are always gloomy,but summer is coming, nice weather, crowded beaches, holidays. An Europeans will remember - we live in the best place on earth.
The problem of Europe is the lack of investment in innovation and its ability to attract investors but also highly skilled labor like usa does. Europe industry is too traditional and is absent on new technologies. Look for batteries Europe woke up realizing that there were already left behind because we were doing nothing when batteries are the critical ingredient for energy transition, in micro-electronic europe gave up long time ago and the list goes on. Also the rate of people being active is too low in europe, unemloyed, early retirement, too many unproductive people.
It's exactly that. In the Netherlands the system motivates you not to work more, because taxes will swallow most of the increase in salary, for an extra EUR 10k (which is very hard to achieve) you get only EUR 6k back, after a while your salary reaches its plateau so there is no point in even making an effort. At the same time you are not eligible for any benefits the low-income earners have so basically lower classes have 0 motivation to educate themselves and step over into middle class given that they will lose social housing, free daycare, health insurance etc. which may amount to EUR 3k-4k per month in net effect. Many people choose to work less, even balance their hours not to exceed the threshold and laugh at you for going through education and working full time.
Basically this makes my disposable income after housing and daycare on par with theirs, although I make double or triple their income in gross terms, which is great if you are all about social justice and equality, however in reality this cannot develop talent internally or attract and retain it externally to further boost innovation and productivity. Many students realized there were screwed once they started working so we even have now a 'generational depression' among young graduates.
@@bpunk9 People generally do not pursue careers for the money. Those exceptions that do, are welcome to leave the country for the sunny uplands called USA as they disturb the social fabric with their egoïsm here. And don't get me started on the "generational depression". When I graduated, the unemployment rate for starters on the labour market was close to 20%. I had to work on an unpaid labour experience place full time for a year on the other side of the country (NL) whilst writing over 150 application letters in the evening, before I managed to get a decent job. What did I gain in that year of my life? Zero guilders, travel expenses and insurance against accidents. That's it. I did it for myself, but also because I thought my added value for society was potentially important. Everybody in my generation was disappointed, but not depressed. That "generational depression" is a hype, caused by COVID lamenting "lost years of not feasting". Rubbish.
@@ronaldderooij1774 the fact that there are people like you makes me happy since i can eat all the money while you do what you like to do and can’t even have children cause u don’t make enough and u don’t want to cut on ur lifestyle
Great information
There are a lot of things that Europe could do to improve its standing but this guy is right, us is borrowing from the future, eu slow growth is sustainable barring structural changes.
Borrowing from the future.... Hahaha.... the future looks bad because the US can never pay back the depths but they have a huge military force and the donors are afraid to get the money back....
Productivity in Europe could be SO much higher, fi we started to implement actually working LEAN system (automation) in smaller companies (not just in big ones) because these matters a lot in the big picture and in the overall size. There is real tools available today already, but companies are extremely bad at first recognizing what is available and secondly planning and implementing it. It's always about "putting out fires" and prioritizing other things, even though proper (modern) planning tools would solve much of the issues they are struggling with. The level of planning in Europe is (and elsewhere) is truly ridicules.
This! Yes! Europe is slow at it, and even big European companies lack the vision for modernizing.
Europe has negligible VC ecosystem and companies are generally not threatened by disruptions, while in US falling behind in tech is considered as a very bad habit.
YES!!
@@alexandersuvorov2002 Well this is not true at all. There are big VC ecosystem in Europe as well, for example within the car and truck industry. So many suppliers are connected and the only way of them handling things somewhat well is by having unnecessary big stocks which costs a lot, so hence is very inefficient. And with the insight I have, knowing how many rather small companies that are involved as well, their level of maturity with IT and planning is really really bad, as well.
The gentleman said nothing about a threat to the US dollar. The reporter had that question preloaded; like she was being paid to ask that question.
New Zealand, Switzerland and Singapore have tge best free market systems with far less regulation than America..
Is this a joke?
Am I lost in time and suddenly woke up on April 1st?
Sounds good
Doesn't work homie😂
@@manjunathnr4624What doesn't work?
If only words and wishful thinking could make economies grow.
I stopped watching after I saw "Rockefeller International" displayed after his name.
Greece is supported very much with Tourism to keep their economy going, as Italy and Spain
Italy is not driven by tourism; travel & tourism sector = 10% of GDP, so to say that the country very much depends on tourism to keep the economy going is very inaccurate. Italy is a G7 economy not because it is a popular tourism destination....The economy is based on its strength in multiple sectors: shipbuilding (#1 yacht producer in the world), aerospace & defense, firearms, robotics (world's 3rd largest exporter of industrial robots), pharmaceutical, medial equipment & diagnostics, automotive components & systems, cars, motorbikes & scooters, quantum computing (world's 4th most powerful supercomputer - LEONARDO - is Italian), furniture, food production & processing. Tourism is important, but the country is surely not reliant on tourism to keep its economy going. that is a very stereotypical way of looking at Italy.
portugal exists.
beautiful country, people and food.
@@riskinhos
@@HongKongFilmVibes and poverty and gentrification and mass migration due to rise in cost of living. average age of "young" people leaving their parents home: 37.
minimum wage which +50% earns: 780€
average rent cost for 1bedroom apartment: 1200€
Italy is the second industrial powerhouse in the EU (second to Germany) and ahead of France.
Misleading and misinformed.
I don’t know about the European economy in general but I am pretty sure the German economy will bounce back. Throughout the years they have showed they can revive their economy from scratch. They probably just need a change in their government.
Higher growth in association to higher federal investments in USA and, at the same time, lower growth with lower state investments in EU. Conclusion: the EU should decrease state intervention to favour industry.
Neoclassical economics is impervious to facts and reality.
Wait until the US starts fixing their much maligned transport infrastructure. They will have the growth rates of China in 2000s.
Both EU and US are interfering with trades and investments.
You're obsessed with economic growth. There's more to life than GDP.
federal investment _is_ state intervention.
but yeah, weapons development and production in eu will probably be in the cards next.
For some people yes
Let's give squirrel away a whirl. Seriously, more should be said about changing demographics that reduce consumption.
Yes, that’s one of the major issues. And immigration won’t fix it because there must be incentives for people to move to Europe.
That's a dead cat bounce. Europe is on terminal decline. 600 years of Colonial atrocities will come to haunt Europe for thousands of years
I sense some mis placed resentful ness. European people were the victims of its despotic imperialist regimes not its beneficiaries. Now Europe leads the way in rejecting tyrants and is wealthy as a result. Proving that Western liberalism is the way forward for all if humanity. Fight the real enemy.
According to the CIA World Factbook, life expectancy in America is 75th in the world. between Paraguay and Uruguay. And that's after spending 50% more on health care than any country in the world. But the US productivity rate is higher than the EU, at great cost in terms of quality and length of life.
There is a price to pay to be the world's sole superpower...
The overall productivity of the EU is lower, yes. But when you actually look at the most productive countries in the world, they actually have lower working hours.
Norway, Switzerland, Luxembourg beat the USA while having lower working hours. Austria, Germany, Denmark and Belgium are almost on the same level as the USA but have lower working hours. Low productive countries have among the highest working hours in the world. It's a myth. There is no correlation between working hours and productivity.
Well, life expectancy falling and erradicated child diseases making a comeback. 35th in the world in Infrastructure Quality when it used to be #1 in 1980...right before Reaganomics. Welcome to the Neoliberal Dystopia, where a Universal Healthcare System that every DECENT western democracy has, is considered communist.
The US has more immigrants than most other nations. Generalized statistics really don’t create a good pairwise interpretation when you have over 50M legal immigrants and close to 20M illegal immigrants.
@@PhilippBlum”lower working hours” and Switzerland xD
Full time work week In Switzerland is 42-45h… The worst in Europe dude xD
I can see a very slow recovery in Europe due to high labour and energy costs.
Talks about the continent of Europe, but then shows a chart of EU and nothing else.
Does the 27 countries of the EU seem like a small thing to you?
@@nicolaspoveda3675 Does the other 46% of European countries seem like a small omission to you in a video that is titled "Europe"?
@@Dave.F0x hahahaha majority is majority
Feel like this whole government interference = bad economy thing is kinda debunked at this point. The best economies in the world are the Nordic countries which have the most regulation. comparing gold to Bitcoin is also inaccurate, Bitcoin tracks basically to other assets like S&P unlike gold.
I am highly skeptical of your guests' conclusions. I won't buy his book, but I might read it. Sharpen the claws.
Don't even think about touching my benefits 😂
It is amazing how fast people can write-off established economies such as Germany based on few metrics and without really understanding its underlying strengths. Yes, Germany has some issues but which developed economy doesn't? It is true that Germans have a tendency not to rush into things. While this may seem to create "some" issues at first, they climb pretty fast once they get all the pieces right. I have travelled many countries and lived in three developed ones, there I can say that I have zero doubt that Germany will bounce back from these problems get its glory back.
Inflation is more like "close to 3%"
US can boost productivity very quickly, they are used to boosting with Technology,when the Economy slumps, even with Debt the US economy is resilient, they have been creating hundreds of thousands of jobs a real plus
Dw news . One day europe economy is broken, next day europe economy is doing good
Yes, the guest is spot on. As for America having 'focused more on big tech' for the 'last decade' and further back than that, how is that working out? How much Debt has the country accumulated over the last two or so decades with all these 'great' tech companies. Debt in 1990 was 3T, now is months from 35T. Meanwhile people have seen their living standards fall and the vast majority of people feel poorer than they used to, on top of that. Where does tech, which is seen as a 'benefit', show itself to actually be that at all? Where? From 3 to 35T, which doesn't include the Trillions more of added personal and corporate Debt, nor other kinds of Debt. Where does the 'tech revolution' show positive monetary returns overall, when seeing these kinds of Results. Yes, 'some' of their corporations can show great returns, but for the actual overall country itself? Mind you, these said corporations reside in this highly indebted country, the USA. So they are basically 'at the mercy' of the country they reside in. No? Yes. Btw, I love America, but... this is seriously bad stuff. So what to do about it?
The EU is a big sucses .Whatch the Uk what happens there.
Success.
Watch
It's sarcasm! 😅😅😅
@@vicdor1031 Do you know anything about economics?
Every country that joined, benefited greatly.
Look at Poland, and how they laugh about Russia's economy at this point.
@@StrongKickMan how they benefited??? It's recession in Germany!! Its chemical industry is going bankrupt currently. BASF and others are outsourcing their chemical production to asia and America. The same with steel industry. 😁😁😁
Europe is secure and can easily invest billions on any new technology.
None of this stuff matters. On a long enough time line it's all irrelevant. Europeans are still here. We'll make do.
wage growth?????
Everybody was bashing it
Does not make sense that EU has much good news for next 5 to 10 years
Hungary is doing well? 17:28 is this some kind of joke? Hahaha the country is collapsing 😂
The looted money seems to be running out in EU and UK
Europe (or do you mean the EU) will not stage a comeback. It may improve, but it will be slight and lacklustre. The eu has been hit by multiple setbacks, Brexit, covid and the war in Ukraine. There is demographic decline as well as political, economical, cultural. They no longer seem to have a global view without the UK.
Eu member state debt levels are shockingly high and a lot of those states (20 former countries) no longer have a sovereign currency to help them.
Target two still has to be confronted, it will not go away.
A lot of geopolitical analysts are now openly talking about what will replace the euro.
They don't have irons in Europe? That flag in the thumbnail needs a little more effort.
Fantastic analysis ! What a great intellect.
EU data strategy is underrated. Big year this one..
trying to pump optimism on failing economy🤔
Good that DW did not choose 'Charu' for this interview
Well Japan just had a recession how bad it can go? Thank you for telling us the sky is blue lol
Very informative video on the resilient European economy 👏
lol nice try
I don't think that fear of sanctions is a big factor unless the government has plans that they know are violating other countries sovereignty, so if China realy has a plan to invade Taiwan, then moving away from the dollar is pretty telling that they are preparing for an invitation if Taiwan. A goverment kan be pretty far of when it comes to democatic values it will not be a problem, its only when they go and beat up their neighbour in a violent way that sanctions will happen.
Qe did permanent economic damage it should never be repeated
Everyone is addicted to QE
Inflation is under control? Come to Czechia live 6 months with the salary of standard post graduate person and you tell me
Europe is not competitive, it's in secular decline.
The age of globalism is coming to an end, now comes the age of protectionism. It doesn't really matter if you can produce cheaper, if no one is letting you sell your products in their markets...
i have many european products, but no russian products. i think farmers use russian fertilizer product.
@@Redmanticore Russia is not competitive either and is in decline too.
Ask the Europeans
Exports to Afghanistan and Kirgisistan increased alot.
Yay,we're not only deliver weapons to ukrain were also deliver electronics and machines to russia so they can build their weapons.
DW can cope with it.
Germany become 3rd biggest economy surpassing Japon 🇩🇪🇩🇪🇩🇪🇩🇪🇩🇪🇩🇪🇩🇪🔥🔥🔥🔥🔥🔥🗿🗿🗿🗿🗿🗿🗿
These traditional economists are so often wrong.. DW needs to bring different economic thought into the mix. How about some MMT perspective, how about some inequality economist? This analysis completely ignores the real situation of everyday people in Europe.. how can he think the reason they are not spending more is fear? We have seen 20-30% inflation in the past three years, unaffordable housing.. lowering of public services..just because we start to see wage growth slightly above inflation for the first time in years won’t mean that this is solved and people will start spending more.. lower energy prices are not being passed on to consumers.. this guy seems to be living in the clouds honestly. Sure, asset prices might spike again when rates start going down but that is an indication of a weak economy where investors view of people’s purchasing power is so weak that they prefer to invest in existing assets than create new productive assets because nobody can afford to buy the product of those productive assets.
⭐
So all these layoffs in Germany it is sign of come back?
HAHAHA! Good one!
DW: always the same old nonsense and twisted narrative!
If only single indicators would paint the whole picture of an economy. But unfortunately it does not. So just because some economic signs are bad does not mean it is all bad or even mostly bad.
Btw - Queue people starting to list every single bad indicator their Google search engine can find...and even that proves very little.
Smaller companys are growing more at the same the thing all around the world
@@DBGE001what layoffs?? Where??? Please send me their contact information’s our company is struggling to find workers for almost a year now!
So all those American tech layoffs are not a big deal?
if your country is lowering their currency below or lower than usual against the USD. Thats all you need to know as a middle income earner.
It is pathetic….Europe’s economy will fall even further….
All i see in Europe is economic success . Brexit means Uk will fall year on year .
Sure, you really sound like someone who knows what he's talking about.
Of the major powers, Europe is the greatest force for good globally.
Negative growth, proxy war, high inflation and budget deficit are common in Europe, especially Germany.
Inflation was world wide. There were many African, Asian and South American country’s whith way higher inflation. USA also had big inflation although slightly less then Europe
Germany still one of the best places to live but even developed nations have their problems.
@@MrWise23 yet the third biggest economy.
Humble yourself.
😅😂🤣 precisely which parts of 3rd world are in yer fanciful estimate & why not & where are the average 3rd 🌍 peoples' seeing this gain in their standard of living? @@StrongKickMan
@@kevfinn5425 are you drunk?
Ever since China joined the WTO, Europe has been the butt of the global joke.
The global loss of industry to China has led to unfair competition (industrial espionage, copying, imitation, dumping), resulting in a race to the bottom, with the exception of German industry, thanks to its high-quality industrial image.
But covid and the geopolitics of Beijing have shown their limits. Europe is waking up from its lethargy, with stronger skills than China and healthier finances than its American cousin.
These data doesn't mean nothing when the common man is barely surviving
Barely surviving? Check where European countries are placed on any standard of living index. You may have mixed us up with Africa.
Europa is like paradies on earth!
@@brunoheggli2888 Europa is paradise because they event the rule and but they don't play by the rules. They invaded, conquered and plundered after accumulating all those wealth they decided to be mother Theresa
Africa is better then Europe cause there is space for development @@soundscape26
@@brunoheggli2888it’s not. Cost of living in Europe is so high that most of younger generations can’t afford their own place or having a family.
Old ppl - they are fine. But young generations are just poor. Earning 2-3k€ per month might sound like a lot for someone from poor country (I am from one)… Well that’s nothing when 80% of this money goes for studio flat rent and bills…
As an entrepreneur one take. Out of US venture capital investors, around 60% of them have experience from founding and running a company. In Europe the equivalent number is 2%. This creates two things: Short term gain - in the process killing local innovation (especially in tech) and as a result promising companies get bought up by American companies bringing all that potential with them home. A tech-buffet on fire-sale.
The way EU has sold itself to American tech and turned a blind eye to that might result into a massive revelation bomb one day unless there's a change because there's no tax revenue in the EU from running our businesses on Azure or Amazon. Or then on Web3 and AI side we accept walled garden ecosystems (Meta, Apple) where all in-system purchases and subscriptions revenue goes out from the continent.
This is a ticking time bomb.
German here, been trying to tell this to all business savvy people I've met for probably 15 years. The older people usually reacted with hubris and most younger ones think "the cloud" is an invention from 2017 or so. It's getting ridiculous how dependent we're now from Big Tech squeezing out our economies.
I'm wondering what might happen if Trump gets reelected and gets aware of this dependency. He might bomb us back in stone age.
Seems like your "expert" is very biased. Singing songs of Economy first, just like governments not imposing sanctions.
Europe except Germany, more like
EU has gone through a series of crises since 2002, the introduction of the euro. It immediately hurt all European economies as the ECB had to set a policy that was off the optimal for any given economy. This led directly to the 2010 euro crisis. The rest is history.
The EU and government regulations are putting a drag on the economies of Europe.
Bad management of privileged managers without competition and a lack of meritocracy is what is dragging the economies.
The title is a joke🤡
Bro your account was created like 4 months ago. There is a 90% chance you are a bot.
The eu is the biggest market off 500 miljon people..
I’m ten minutes into the conversation and I hear nothing about strong EU economy. It seems like host barely understands what the guest expert says. And Ruchir Sharma says that both US and EU economies are troubled due to decade of low interest rates, capital misallocation, high deficit spending that will likely to go out of control during recessionary periods of economy. And he also states that US has slightly better position thanks to developed tech sector, while EU is falling behind on that front.
Look. Russia is the largest country and not even in the top 15 economically. Europe consists of many states and many of them have a bigger GDP than Russia, on their own.
Russian people take the term Slavs to literal.
@@StrongKickManI’m sorry, but I don’t follow your reasoning. How is that related to recession and economic slow down in Europe as discussed in the interview?
@@alexandersuvorov2002 That we will always be richer than Russia.
@@StrongKickMan No.
Good insight, except for the point on how politics should sell immigration to the voters. As he said, a pitch along the lines of "We have to take in vast amounts of immigrants so all you guys' wages dont go up" wont get people on board with the policy. In my opinion, theres simply no way around revising how generated wealth is allocated and distributed, so as to increase the standard of living of primarily the middle classes of europe, who got precarized so much by the neoliberal policies of the last thirty years and now make up the bulk of right-wing voters across the continent. This means higher public spending for infrastructure, education, healthcare etc., ideally in concert with spending directed towards modernizing and transforming the economies and making the workforces more competitive not by dumping wages, but by elevating education and capabilities.
And unless the EU goes full on MMT and does away with financing its deficit spending with debt, this will HAVE to be funded by sourcing more taxes from wealth and property i.e. by rebalancing the wealth distribution. That is the pitch that needs to be made, and should principally be very popular with a major part of the voterbase. For that to happen of course, there will need to be decisive political leaders able and willing to resist the powerful special interests of capital and the staunch ideological resistance by neoliberal conservatives, which is a huge challenge. But the alternative to that is, in my opinion, an aging and xenophobe europe dominated by right-wing extremists, which might very well end liberal democracy.
🇪🇺🇪🇺🇪🇺👍🇪🇺🇪🇺🇪🇺
😂😂😂
😂😂😂😂😂
Ask some European countries that, and you may get a different answer.
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seems just fine where i live?
Some will be doing better than others but the average is what matters here.
Look the UK what happens.
@@soundscape26 Unless you are in a below the average economy
creepy
DW Business: Europe’s surprisingly strong economy.
German: We are giving 2% of our GDP to USA for Fighter Jets that cannot fly(Just like Taiwan), WE ARE RICH!!!
Rockefellers staff? People in the EU are saving money, that is why they are not spending plus the inflation rate is high. People in the USA are spending money.
Inflation rate has been falling about the past year. Maybe not as much as in the US but the trend is good. Wages are rising pretty well. Unions are pushing it. Earning on Savings are not that good that's true. But europeans are saving a lot more then american on average
Immigration is the key to economic success.
I’m ready to eat some of those delicious cookies she baked me. I know she is eager for me to take a bite.
Economy is not spring race, it takrs very long time for up and down, don't think every seriously every 3 month, wait for 30years, ! Can tell you full picture
DW
Does the expert live under the rock? The fundermentals have not changed. Germany is de- industralising. Companies have moved to the US and China and other places. How would it turn around in a year? The rest of EU economies are also in recession. What will change for the turn round this time. Its energy is still expensive from the US and other countries which is what is de- competitioning EU economies.
sure it's not just you living under a rock? None of what you just wrote is true...
Germany is not de-industrialining at all, quite the opposite lol
You've been wallowing too much on Telegram plagued by ruzzky bots and trolls, my dude.