The FT today writes about how the US is quickly growing far richer than the EU and remains far more dynamic.
Some stats:
- In 2008, the EU and US economies were roughly the same size
- In 2022, the US economy grew to $25 trillion compared to $19.8T for the EU and UK combined
- The US is 50% larger than the EU without the UK
- The 7 largest companies in the world are all America
- Only two European companies are in the top-20: ASML and SAP
The only things Europe are currently leading in are lifestyle brands and tourism. There's a battle for green energy right now but the enormous US subsidies in the IRA make it a good bet the US will win there as well.
