This year’s focus of the International Research Project 2021 will be on Europe. The focus of the specific country is determined by the purpose of the project of the respective company.
Economy of Europe
The economy of the European Union has been hit hard by the COVID-19 pandemic. The economy is expected to experience a shrink of 7.4 percent in GDP on average in 2020. Due to the stable economic climate that has been built and governmental support that is provided, an economic recovery is anticipated in 2021. Countries like Spain, the United Kingdom and Italy are affected the most. Countries in eastern Europe experienced less of the COVID-19 pandemic on the GDP growth rate. Examples are Poland, Hungary, Bulgaria and Romania.
In 2019 the GDP of the whole European Union amounted to 13,918,144 trillion dollars in total. This is only 1,7 trillion dollars lower than that of the United States and nearly 5 trillion dollars higher than China’s GDP. The EU is one of the three largest economic powers in the world, together with China and the United States.
In Europe, the consumer markets and industrial manufacturing & automotive sectors are the two sectors that contribute the most to national GDP. These two sectors are then followed by the services sector, technology, media & entertainment sector and the financial services sector.
The European Union accounts for about a third of world imports and exports. The European Union imported products for 1.935 trillion euros in 2019. The European Union exported products for 2.132 trillion euros in 2019. From the whole EU export, 23.6 percent came from Germany and 11.5% was exported from the Netherlands. Of the total import, 18.7 percent came from China and 18 percent of the total exports went to the United States.
Open competition is an important condition for free European trade and the establishment and proper functioning of the European internal market. The European Union provides rules that promote competition in order to guarantee good value for money for consumers and stimulate technological innovation. The European trade policy is aimed at removing as many trade barriers as possible within the European Union and between the EU and other countries. The main pillars of this policy are the internal market and free trade agreements with countries outside the EU. Trade between member states of the European Union is free and no import duties are levied within the EU. The same customs tariffs apply throughout the EU for the import of products from countries outside the EU.
What are we looking for?
We are looking for companies that are searching to explore their opportunities locally or globally. The research can entail solutions for recent impediments or focus on longer term complexities.
Due to the current Covid-19 circumstances, we will have to adapt flexibly. We would be happy to discuss any alternative options with you.
Are you interested?
Explore how we can help your organisation grow.
Get in contact with us and request a free research proposal!