Europe’s economy is being hit by a triple blow

Brussels – The Economist magazine indicated, in a report, that the European economy suffered a triple blow, which affected its performance and caused it to record a modest performance in this decade compared to the American economy.

The economic magazine saw that Europe is in dire need of economic growth to cover additional spending, and this comes at a time when current European governments are increasingly losing voter support.

It is noteworthy that The Economist accompanied its report with a caricature of the famous painting “Mona Lisa,” in which the woman was shown in a state of “horror and astonishment,” in an attempt to emphasize the seriousness of the issue and attract attention.

The magazine emphasized that the crisis came to the Old Continent at a very sensitive time, and identified 3 factors that constituted a strong blow to the European economy:

1. The energy crisis that broke out following the conflict in Ukraine, and because of it, the European economy recorded growth of only 4% during this decade, compared to 8% recorded by the American economy.

2. Cheap Chinese goods filled the European market, which hurt European producers.

3. Fears of Donald Trump coming to power in the United States, who threatens to impose additional tariffs of 10% on everything America imports.

Earlier, the European Commission reduced its economic forecasts for the year 2024, and said that the economy lost momentum in 2023 due to inflation, which affected consumer spending.

The European Commission reduced its expectations for the current year to 0.8% from 1.2% for the twenty countries that use the euro.

Source: RT + “The Economist”