Which economic bloc is going to perform best this year, Europe or North America? The consensus is that the US is heading for very low growth, say under 2%, while Europe will do better, with 2.5% at least.
But, contrary to the European Central Bank, I reckon Europe will perform worse than the US over the next 12 months. Europe, with its decades of declining investment-to-GDP ratio, has none of the hidden springs of productivity the US can draw on.
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