Economy in Europe
Before World War II the main financial and industrial countries of Europe were the United Kingdom, France and Germany The industrial revolution that began in Britain spread rapidly throughout Europe and soon the entire continent was at a high level of industry World War I briefly brought industries to a halt in some countries But in the run-up to the Second World War, Europe recovered well and was competing with the growing economic power of the United States of America.
World War II destroyed most of Europe’s industrial centers and destroyed much of the continent’s infrastructure
The strength of the economy in Europe
The economy of Europe is a global economic power, as it is considered the first commercial power in the world, and this shows in the following points the industrial development in the world, because it has many strong industrial sectors that compete at the level of global markets, such as the oil industry and nuclear weapons, in addition to the automobile sector as well. The presence of many multinational companies in it, in addition to its complete reliance on the manufacture of micro-electronics. The European Union is the second industrial power in the world after the United States of AmericaThe most important industries that revive the economy in EuropemakeupElectrical and electronic engineering industriesfirearmsFood and Beverage Industryhealthcare industriesmarine industriesMechanical engineeringmedical equipments
Economic history in Europe
By mid-2010 2014-2015 Ireland was recovering at a steady pace after successfully exiting the bailout program The eurozone as a whole has become more stable but problems in Greece and the slow recovery in Italy and in Spain and Portugal have continued to keep eurozone growth to a minimum Germany continues to lead Europe is stabilizing and growing while the UK and Ireland are seeing strong growth of 3-4%. Unemployment in Ireland is dropping at the fastest level in Europe and is expected to reach 8% by 2016, down from double what it was in 2011. The Czech Republic and Germany consistently have the lowest unemployment rate in the European Union and growth prospects in general remain optimistic for Europe going forward. With positive growth expected across the Eurozone despite the uncertainty still surrounding Greece and debt payments in the Greek state things look stable for now.European companies have seen a decline against global companies since the crisis Only seven European companies were among the “50 most valuable global companies” in 2015 compared to 17 companies in 2006 Out of 24 economic sectors Europe leads in only one sector Food led by the Swiss company Nestlé Companies like HSB have all slipped their industries against American and Asian competitors. In addition, former tech heavyweights like Nokia have slipped away from the cutting-edge American companies in Silicon Valley.
And during the Industrial Revolution, factory owners began to use machines that work with the driving force to produce various goods. The use of machines and other developments led to an increase in production and a noticeable reduction in operating costs. As a result of the Industrial Revolution, many European countries became the leading industrial centers in the world.The meaning of the word industry includes activities such as construction and mining beside manufacturing, but most industrial production comes from manufacturing. Europe ranks second after the United States of America among the important industrial regions in the world and the major industrial countries in Western Europe are France, Italy, Germany, Spain, Sweden and the United Kingdom. The largest industrial areas in Eastern Europe are Russia, Poland and UkraineThis is how we see the importance of the economy in Europe.