Growth in the E.U.

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Economic Growth in the E.U.

The year 2017 brought a 2.5% growth to the European Union, reportedly their best in 10 years. This put them ahead of the United States, who, at 2.3%, still couldn’t complain. The swelling in statistics also proved a catalyst to the value of the Euro, boosting it from $1.03 at the beginning of 2017 to a whopping $1.25 currently.

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The E.U. unites participating countries by using the Euro as common currency, and easing means of commerce between governments. Citizens of participating countries may also move across borders with ease, and shop without additional taxes. The use of a common currency also challenges businesses to keep competitive prices, as there is no longer need for money exchange. It is important to note that not all of the European continent is included in the European Union – though most countries are involved, some are still in transit, while some (Albania, Armenia. Belarus, Gibraltar, Iceland, Kosovo, Lichtenstein, Macedonia, Norway, Russian Federation, Switzerland, Turkey, Ukraine, and Vatican City State) are excluded entirely.

On a homeland level, this is nothing but good news. Considering our interconnectedness as a world economy, this growth on the European continent affects us all. Just as the 2008 financial crash in the United States had devastating effects on the rest of the developed planet, so does 2.5% growth spur us all upward. Trade between the U.S. and countries belonging to the European Union will be mutually beneficial, and allow for more financial opportunity than ever before.

With this opportunity, determined individuals are poised to benefit. Unemployment rates are dropping. There are more jobs, and, considering the tax-heavy nature of our friends across the pond, the more the merrier. Employment allows a person to better themselves, their community, and their nation. By giving a man a way to make money, a job provides him income, pride, and skill-development – but it also relieves the burden of welfare from the state. More jobs mean less pressure on the government to provide, and allows for a lighter tax burden.

And on a personal note, I expect to see more imported goods in the near future. A better economy in Europe means more competition for American made products, and could lower prices and offer more variety. My wife simply loves Dutch chocolate bars, and she has definitely paid a high price for her sweet tooth at a European candy shop in the past. A boost in the E.U. could prove to lower chocolate prices over here in the states.

All in all, the economic growth the European Union experienced last year is nothing but positive. Individuals benefit with more jobs, countries grow richer and experience less financial pressure, and the international economy enjoys higher levels of competition and opportunity.

source: http://money.cnn.com/2018/01/30/news/economy/gdp-europe-economy-2017/index.html