The gap between European and US gross domestic product is set to widen further by the end of the decade, the IMF warned on Thursday, as it sounded an alarm about the continent’s “lack of business dynamism”.
The IMF said in its latest economic outlook for Europe that an ageing workforce and low productivity growth would reduce the continent’s annual GDP growth rate for the 10 years until 2029 to just 1.45 per cent.
In the US, the average growth rate over the same period is estimated at 2.29 per cent.
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