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The EU Economy in the Late 1990s: Recovery and Global Comparison

In the late 1990s, the European Union emerged as a major global economic force, boasting a population of 375 million. By 1998, it accounted for 30% of the world's output and was the largest merchandise exporter. However, challenges persisted, including productivity growth slowdowns and high labor costs. While unemployment was declining, disparities in job availability were evident, particularly for younger and older workers. This analysis delves into the EU's GDP recovery, capital formation, and the implications of its economic policies compared to the US and Japan.

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The EU Economy in the Late 1990s: Recovery and Global Comparison

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Presentation Transcript

  1. GSB 31204 April 2, 2002 Europe

  2. Europe

  3. EU Members and Aspirants

  4. US. Dollars to Euro

  5. The euro-zone recovers

  6. EU GDP at constant prices (EUR billions) GDP

  7. EU Gross fixed capital formation at constant pricesEUR billions)

  8. The Big EU Economies and the Rest

  9. Why Europe Matters • In 1998, the European Union had a population of 375m, against 268m in the US and 126m in Japan. • In 1998, the EU was the world’s largest economy. It generated 30 per cent of world output, against 25 per cent for the US and 18 per cent for Japan. • In 1999, the EU was the world’s largest merchandise exporter. It generated 19 per cent of world exports (excluding internal trade), against 16 per cent for the US and 10 per cent for Japan. • In 1999, the EU was the world’s second largest merchandise importer. It imported 19 per cent of world imports, against 24 per cent for the US and Japan’s 7 per cent.

  10. EU standards of living compared

  11. How incomes compare inside the EU

  12. Productivity growth slows

  13. The US moves ahead in the late 1990s

  14. Productivity picture is mixed

  15. But one size fails to fit all

  16. Jobs and costs in US and EU

  17. EU’s high labour costs

  18. EU - not enough jobs

  19. But unemployment is falling

  20. EU - jobs for prime-aged adults

  21. EU - but not for young and old

  22. Welfare states are expensive

  23. But someone has to pay

  24. Inflation converges

  25. So do interest rates

  26. Fiscal deficits contract

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