The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Western Europe is undergoing a period of uncertainty owing to the United Kingdom’s (UK) decision to leave the European Union (EU). Germany, France and the UK play a pivotal role in regional trade, which will be put to the test in a post-Brexit scenario. Investment in infrastructure is a critical component of government expenditure, resulting in major economies facing unsustainable public debt. Protectionist measures from the USA have caused many markets to seek more reliable trade partners.
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Western Europe continues to be renowned for its affluence, political stability, and ease of doing business. However, rapid economic growth of the sort apparent in Asian economies, particularly China, is no longer visible in Western Europe. The region has recovered from an overall slump in growth, caused by the European debt crisis starting in 2010, that had the highest impact on Greece, Spain and Portugal. The combined real GDP of the region is expected to grow by 2.4% in 2018.
Financial intermediation and real estate has the most significant contribution to the region’s economy, with London, Paris and Frankfurt recognised as prominent financial centres. The impact of Brexit is resulting in uncertainty overshadowing the sector. Germany has a dominant manufacturing industry that results in a high volume of trade in machinery and electrical equipment.
With the UK referendum in 2016 setting up the country’s exit from the EU, negotiations are ongoing for a post-Brexit scenario. Since the UK represents one of the most important trading partners within Western Europe, the general uncertainty surrounding Brexit is likely to damage consumer and business confidence.
Western Europe has a high reliance on trade with countries in the EU, exposing it to subdued demand from the region. With the USA also resorting to protectionist measures under the Trump administration, Western European countries are exploring trade opportunities with emerging markets in Asia Pacific and Africa.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.