Is Europe’s economy up for the challenge of competing with the US once again?

The US economy has shown remarkable resilience in the face of recent shocks, bouncing back quicker and stronger than its European counterpart. By the first quarter of this year, US GDP had surged 8.7% above pre-pandemic levels, outpacing the Eurozone’s 3.4% increase by a significant margin.

Eurozone consumers continue to save at a rate of more than 14% of their income, well above historical averages. In contrast, American consumers have quickly spent the extra money they saved during the pandemic, bringing their savings rate down to less than 5%.

It’s clear that the US economy is forging ahead while Europe struggles to keep pace. Can Europe rise to the challenge and close the gap?

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