Eurozone Economy Suffers Worst Quarterly Performance Since 2013 – Experts Predict A Gloomy 2020; Meanwhile, U.S. Stock Market Closing In On Best Year Since 2013
A tale of two continents. Need more evidence or reasoning that Britain’s made the right decision with respect to Brexit? Look no further than the continents economic output — or lack thereof. James Mills, with Agency France Presse, posted a December 16, 2019 article to the DailyMail.com, noting that “the Eurozone’s economy has suffered its worst performance in six years, with experts claiming uncertainty over Brexit was partly to blame.” Maybe so, but how about some introspection. It couldn’t be oppressive regulation, anti-competitive practices, and a disconnected and clueless entity in Brussells attempting to dictate continent-wide ways of life?
Chris Williamson, Chief Economist for the investment advisory firm IHS Markit, told the DailyMail that “the Eurozone closes out 2019 mired in its worst spell [economic downturn] since 2013, with businesses struggling against the headwinds of near stagnant demand, and gloomy prospects for the year ahead. Job creation has ground almost to a halt, down to its lowest level in five years, as companies seek to reduce overhead in the weak trading environment and uncertain outlook.” When is there certainty in the outlook? But, I digress.
Claus Vistsen, Chief Eurozone Economist at Pantheon Macroeconomics said: “Manufacturing in the eurozone area is stuck in recession; but, resilient services are just about keeping the economy’s head above water. ” “The forecast mirrors the gloom also predicted by the European Central Bank, which downgraded growth in the eurozone next year to a feeble 1.1 percent,” Mr. Williamson noted.
Britain’s Brexit decision is the first positive step in helping Europeans to free themselves from the elist, collectivist and arrogant EU governing body in Brussels. Yes, there may be pain in Britain in the short term; but moving forward, London will have the freedom to implement pro-growth economic policies without having to persuade an outside entity of their merit. The continent suffers from a suffocating ecosystem of onerous regulations and anti-growth and anti-competitive economic practices. And, imposing crushing climate change regulations on an already severely challenged economic outlook will further compound their ability to foster real economic growth. Meanwhile, the U.S. stock market is closing in on its best year since 2013, with record low unemployment, wage growth, and historic low unemployment for African Americans. Indeed, Europe and the U.S. are a tail of two continents. British voters aren’t stupid and saw through the mirage that the anti-Brexiters were painting. It is a lesson that may well manifest here next November. RCP, fortunascorner.com