Press "Enter" to skip to content

Is There Really a China Economic Miracle?

Commentary The year 2020 will be an extremely tough year for the European economy. Added to an unprecedented drop is a strong impact in the fourth quarter due to the new lockdowns. Morgan Stanley estimates that the eurozone’s GDP will fall by 2.2 percent in the fourth quarter, a 7 percent drop in the full year 2020. In addition, the investment bank lowers the outlook for 2021 with a rebound of only 5 percent in the average of the euro area, delaying the recovery of 2019 GDP to 2023. The “jobless recovery” is even more worrying. The apparently spectacular rebound data for the third quarter resulted in zero job creation. Unemployment in the eurozone in September stood at 8.3 percent and in Spain at 16.5 percent, not counting the millions of furloughed jobs in Europe. In this environment, the United States’ recovery seems much stronger. GDP recovered in the third quarter …