The Wall Street JournalThe Wall Street Journal

Europeans are becoming poorer. ‘Yes, we’re all worse off’

By Tom Fairless

17 Jul 2023 · 8 min read

informed Summary

  1. Europeans are experiencing a decline in their purchasing power due to a combination of factors including an aging population, lackluster economic growth, the Covid-19 pandemic, and Russia's war in Ukraine. This has led to a decrease in consumption spending and a recession at the start of the year.

Europeans are facing a new economic reality, one they haven’t experienced in decades. They are becoming poorer.

Life on a continent long envied by outsiders for its art de vivre is rapidly losing its shine as Europeans see their purchasing power melt away.

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