Accelerating Europe: Competitiveness for a New Era

Improving global governance
Jan 23, 2024 | McKinsey and Company

Unless Europe can reenergize growth, itsleading position on sustainability and inclusion could be compromised, erodingEuropeans’ standard of living, warn Massimo Giordano, Solveigh Hieronimus, SvenSmit, et al in their article for McKinsey and Company. Europe’sGDP per capita was 27 percent below that of the United States in2022. About half of this gap reflects productivity differences, while theother half is due to societal choices to work fewer hours across a lifetime. Acceleratinggrowth requires becoming more globally competitive in the face of mountingpressures. The article explores the factors that will define competitivenessand economic performance across 30 European economies (the 27 member states ofthe European Union (EU) plus Norway, Switzerland, and the United Kingdom.

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