Navigating the Crisis

Navigating the crisis Towards jobs and prosperity? DESTINATION EU course: growth * 'Growth is taking root' (European Commission 2010) STIMULUS VS. AUSTERITY WHICH POLICY IS LEADING TO GROWTH? Real GDP growth 3 - EU US chap. -1 -2 – -3 – -4 - 2008 2009 2010 2011 2012 2013 DESTINATION EU course: 75% employment employment rate creation TOWARDS LOW-QUALITY JOBS full-time jobs 64.1% +10 million creation part-time jobs +2.8 million employment rate in 2013 destruction full-time jobs 2005-2008 -9.9 million 65.8% creation employment rate 2008–2013 part-time jobs in 2008 2008 +3 million CHANGE IN YOUTH UNEMPLOYMENT RATES CHANGE IN OVERALL UNEMPLOYMENT RATES (IN PERCENTAGE POINTS, SINCE 2008) (IN PERCENTAGE POINTS, SINCE 2008) GERMANY 3.2 pp. | GERMANY 3pp. AUSTRIA +1. LUXEMBOURG +2Pp. UNITED KINGDOM+3PP. ITALY +16.9 pp. PORTUGAL +22.8 pp. CROATIA +29.5 pp. ITALY+4pp. SPAIN +32.2 pp. LITHUANIA+6pp. CYPRUS +33.2 pp. BULGARIA+7pp. GREECE +38.4 pp. IRELAND +8Ppp. CROATIA +9Pp. PORTUGAL*+10pp. CYPRUS+12Pp. SPAIN+16pp. chap. GREECE+20pp. DESTINATION EU course: equality Inclusive growth (to lift 20 million citizens out of poverty) PEOPLE AT RISK OF POVERTY +13 million since 2008 UNEMPLOYED ARE THE HIGHEST GROUP AT RISK +3.7% BUT PEOPLE IN WORK ARE INCREASINGLY MORE AT RISK (SINCE 2008) (INCREASE SINCE 2008) +4.1% FULL-TIME JOB +10.5% PART-TIME JOB chap. 3 +12.2% PERMANENT JOB PRESSURE ON REAL WAGES (2009-2013) DE +2.5% NL UK AUSTERITY -4.1% IE -4.9% ES -5.4% - 6.1% CY HU -14.9% - 12.4% GR - 23% chap. DESTINATION EU course: smart chap. investment * and sustainable growth FALLING GROSS FIXED INVESTMENT (% OF GDP) DE EU 28 IE PT GR ES BG 33.6% 28.7% 22.5% 22.6 % 22% 21.1% 21.4% 18.6% 17.2% 17% 17.5% 14.3% 13% 11% 2008 2013 2008 2013 2008 2013 2008 2013 2008 2013 2008 2013 2008 2013 FALLING INVESTMENT IN RENEWABLE ENERGY IN THE EU AND US (IN USD BILLION) 110 100 90 80 chap. 70 60 50 40 30 EU 20 10 US 2004 2006 2008 2010 2012 2013 Half way through a lost decade OFF COURSE! NEED TO CHANGE COURSE! etui. Sources: ETUI, Eurostat-EU-SILC, IMF, Ameco, BNEF, EEA, Eurostat Produced in cooperation with NotSoCrazy.eu