The Economic Giant
Thanks to the huge internal market, the common currency and EU wide regulations the European Union has developed itself internationally into an economic powerhouse. Foreign trade flourishes as many trade obstacles and tariffs have been eliminated by the dozens of trade and tax treaties concluded by the European Union and its Member States with other countries.
The European Union concludes on behalf of its Member States trade treaties with other countries and establishes funds and programs to promote, for example, business innovation or entrepreneurship in the EU and neighboring areas. Member States are apart from this free to determine their own fiscal and foreign policies, which leads to different benefits for foreign companies in each country.
Within the European Union there is no single vision for the future. While some argue for far-stretching integration into a United States of Europe, others see the Union purely as an economic partnership. Despite the recent crises most countries choose a closer, Europe wide cooperation over terminating their EU membership, especially given the messy exit process experienced by the UK.
Inhabitants: 512.5 mill. (15.4% <14 y.)
GDP per capita: $ 33723
Unemployment: 7.6% (18.9% 15-24 y.)
Education: 68.4% tertiary education
GDP: $17330 billion (+2.7%)
Import/export: $7294/7949 billion
FX rate EUR/USD: 1.132 (infl. +1.6%)
Best position: 3rd EoDB (3rd GCR)
FDI (net): $304 billion (-42%)
Huge market without internal borders
Many regulations EU wide
Multiple fiscal benefits per country
Trade and economic agreements
Benelux, Schengen, EMU and EEA
Euromed, G20, OECD and WTO
Most trade with CN, US, FR, DE & NL
Data Population (WB database '17)), Economy (IMF database '17, WB database '17, XE.com '19, Ease of Doing Business '18, Global Competitiveness Report '18), Investment (World Investment Report '18), International (IMF database '17)
Photo: Jan Fidler