Europe faces years of sluggish economic growth.
High public debt, ageing populations, weak productivity, lingering energy costs and persistent geopolitical uncertainty are expected to keep growth well below historical norms for the rest of the decade.
According to the International Monetary Fund's most recent World Economic Outlook, the eurozone is projected to expand by just 1.2% a year on average between 2027 and 2031, with its strongest year, 2028, reaching only 1.4%.
The wider European Union does slightly better at 1.4% a year, again peaking in 2028 at 1.6%.
That is a modest picture by any measure. Global output is forecast to grow by around 3.2% a year over the same period. Emerging and developing Asia is set to expand by 4.6% annually and India by 6.5%, while even sub-Saharan Africa is on track to grow by 4.6%.
