Re:Apple has €13bn Irish tax bill overturned
by adventured on Wednesday July 15, 2020 @08:41AM
(#23844316)
> In spite of Europe's larger population, in the past few decades it has produced way fewer new Fortune 500 companies than the US (and now also fewer than China).
The situation is far more dire in the EU than even that would suggest.
Spain and Italy (#3 and #4 largest economies in the EU) will spend the next 20 years just trying to get back to where they were in 2007, and will have lost a minimum of 30 years to net economic stagnation. That's the good scenario.
Prior to the virus, France had seen zero net economic growth for 12 years. That's despite adding three million people to their population, which means the pie is shrinking for each French person.
Germany had seen zero net economic growth for 11-12 years. With the virus hit they'll probably go a net 20 years with zero GDP per capita expansion.
The same scenario is playing out across most of the EU's members. There's no growth to be found anywhere outside of the Baltics and Ireland (11m population combined), while social system costs continue to climb and demographics continue to age. You can see this erosion effect playing out for example in the collapse of EU spending on infrastructure (which has fallen below the US level as a share of GDP).
The situation is far more dire in the EU than even that would suggest.
Spain and Italy (#3 and #4 largest economies in the EU) will spend the next 20 years just trying to get back to where they were in 2007, and will have lost a minimum of 30 years to net economic stagnation. That's the good scenario.
Prior to the virus, France had seen zero net economic growth for 12 years. That's despite adding three million people to their population, which means the pie is shrinking for each French person.
Germany had seen zero net economic growth for 11-12 years. With the virus hit they'll probably go a net 20 years with zero GDP per capita expansion.
The same scenario is playing out across most of the EU's members. There's no growth to be found anywhere outside of the Baltics and Ireland (11m population combined), while social system costs continue to climb and demographics continue to age. You can see this erosion effect playing out for example in the collapse of EU spending on infrastructure (which has fallen below the US level as a share of GDP).