The government’s search for a quick fix to economic growth is a mistake.
have seized power in their respective countries. Their solutions? Blame foreigners and elites for all the problems and promise a harsh clampdown on criminal immigrants. What the UK and rest of Europe needs is a focus on structural policies to help deliver sustainable productivity
. These require supply side reforms for product, labor, and financial markets, as well as investments in skills, infrastructure, and innovation. This is at the heart of the European Union’s post-Covidwhich has made progress in prompting member states to make serious reform plans. It includes funding for things like digitizing government services, investing in clean energy, and funding scientific research — all of which are evidence-backed ways to improve productivity.
However, Europe’s slow growth — partly due to slowing productivity and partly due to a rapidly aging population — makes it much less of an attractive destination for multinationals. If the trend towards inward-looking populism increases in many European countries, this will slow down the falling costs of doing business across the EU. The EU’s crown jewel is the single market, but this is an ongoing project.
. But if populist parties start re-building barriers to the movement of people, goods, and services, this will make doing business within Europe harder, as Brexit has so vividly shown.There has been a significant disruption of global supply chains due to both the Covid pandemic and to trade wars. The Ukraine conflict adds to
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