NEW YORK March 21. 2024 (Saba) - The US Bloomberg Agency revealed on Wednesday that the European Union's ranking in global economic competitiveness has declined from what it was five years ago.
The agency reported that 56 percent of companies say that the European Union has become less attractive than it was five years ago, and that high energy costs and excessive bureaucracy constitute the main burdens.
A majority of German executives believe that the European Union has lost its attractiveness as a place to do business, according to a new study by industry lobby DIHK.
Some 56 percent of the 3,000 German companies surveyed indicated that the EU's competitiveness as a business location had deteriorated over the past five years, while only seven percent had improved.
DIHK General Manager Martin Wansleben said: “Despite its initially good position, Europe faces the risk of losing its position in international competition.
The agency stated that manufacturing companies, in particular, have a negative opinion, noting that two-thirds of those companies consider that working conditions have deteriorated in recent years, and this is due, according to the companies, to rising costs, primarily due to high energy prices, and the formation of excessive bureaucracy and trade barriers.
Most European countries entered a state of recession and economic contraction, as a result of the continued high inflation, the rise in interest rates, and the increasing cost of arming Ukraine paid by the Europeans, in addition to the loss of Russian gas, and the consequences of this loss on all aspects of life in Europe, in terms of warming... Industry and transportation.
Najat
resource : Saba
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