European Renaissance

It appears reports of Europe’s economic demise have been greatly exaggerated.

Despite a wobbly economic recovery and mountains of debt, the European Union (EU) as a whole seems to have survived the worst of the recession. Many member countries are now investing in projects across sectors. And organizations are hiring – much to the surprise of economists who only a few months ago were predicting a complete meltdown.

As recently as May, the Greek debt crisis threatened to take down not only that economy, but also those of several fellow EU members. A series of emergency measures by the European Central Bank seems to have staved off that nightmarish scenario.

Instead, signs of recovery are already evident.

In August, the bank declared that Europe’s third quarter was better than anticipated, with Germany leading the unexpected rebound with a predicted GDP growth of 3.5 percent in 2010. Steadily declining unemployment and a rising demand for industrial products have made the nation the EU’s symbol for recovery, sparking confidence and investment in major projects across the region.

Germany may be flying high, but Spain, Italy and Greece, among others, remain mired in an economic funk.


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