Europe's share of global economic output has fallen from 33% to 23% since 2005 while its space launch capacity has nearly collapsed, launching just four rockets this year compared to over 100 for the United States and 40 for China. The continent's economic stagnation spans 15 years -- likely the longest streak since the Industrial Revolution according to Deutsche Bank calculations -- with Germany's economy growing just 1% since late 2017 versus 19% US growth.
Per capita GDP gaps have widened dramatically: $86,000 annually in the US versus $56,000 in Germany and $53,000 in the UK. Industrial electricity costs have become prohibitive, running three times higher in Germany and four times higher in the UK than American rates. "America innovates, China imitates, Europe regulates," Italian Prime Minister Giorgia Meloni observed. The continent's largest company by market value, SAP, now ranks just 28th globally.
Further reading: The Technology Revolution is Leaving Europe Behind.
Read more of this story at Slashdot.
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