Europe's economic foundation is falling apart
Productivity growth has been falling dramatically in industrialized countries for some time now. This is not only associated with a loss of growth, but also a loss of prosperity, as the McKinsey Global Institute (MGI) explains and warns in a large-scale study. While production in the industrialized countries is barely becoming more efficient and the scope for distribution is therefore becoming ever narrower, the emerging and developing countries are catching up in great strides. According to the McKinsey economists, the emerging economies are „in the fast lane“. If they maintain this pace, they will approach the productivity level of the developed economies within the next quarter of a century, roughly.
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