Ever since global economic recession in 2008, they have continued to be a part of all major economies in the world. Though many major countries claimed to have recovered from the great hit, it is an irrefutable truth that the impression of that depression wave is still influencing the economies in the world. We don’t have to think about the unemployment rates, nor the debt levels, nor the drop in industrial production. The fall can easily felt when we think about how miserable our life is than it was 5 to 10 years ago.
The European economy is one of the major economies in the world next to the United States of America. Euro is introduced as the main currency of certain countries in the European Union so as to maintain the economic stability of the nations associated with it. Though there was a gripping control on inflation and deflation levels for a few years, the countries in the Euro zone is undeniably going into the Big Black Economic Hole of the earth. The governing bodies that are related to making monetary policies in Europe are powerless about the situation, they are not able to derive a solution for this ongoing fall.
Some of the most unpleasant events in Europe that symbolizes the fall of the European Economy and lead into depression are as follows:
Unemployment rates of the countries in EU; In the past few years, the countries in the EU witnessed an unimaginable surge in the unemployment rates. A considerable measure of people in Europe is either unemployed or under employed.
Average of unemployment rate of the complete Euro zone is over 12 percent. This was fueled by the massive unemployment rates by countries like; Greece (over 27 percent on the whole, and for under age 25 is nearly 60 percent), Spain (27 percent on whole and for under age 25 is over 57 percent), Portugal (from 12 to 17 percent) and France (nearly 11 percent).The AAA rating of French Economy was also lost.These are the most horrifying statistics of the economic scenario in the European Union.
Industrial Production; There is a constant drop in the industrial production of these countries. It was the place where the industrial revolution took place. The wide contradictions in the history and that present times are the most worrying factors.
Germany is claimed to be one of the stabilized countries in Europe. It faced the drop in production and sales of the locomotives and technology sector. The drop in the locomotives sector plummeted 17 percent, and France by 16 percent that it was the previous fiscal.
Debt; The main biggest element is debt. The debt of the European countries is sky high, and is on its way to reach the universe in no time. Many EU nations filed bankruptcy, and others debts are higher than the GDP of the total country.
Soon this is going to be the situation of the whole world. The consumer measures are going high as the population of the world increases. Mother earth does not have enough resources to feed the mouths of over 7 billion lives, but the end users of the world are shaded from this fact from the extended supply chain and the bureaucratic hold on these governments. It is time that we realize our place and strive to work in keeping our mouths fed for the forthcoming years.
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