European Commission: EU becomes less attractive for businesses

DPA news agency informed, citing the European Commission report, that the economy of Europe is becoming less competitive due to bureaucracy and high energy prices, TASS reports

The report revealed that the EU is becoming less attractive for businesses. In 2008-2021, nearly a third of all start-ups created in Europe, with the total projected value exceeding $1bn, moved their offices elsewhere, mostly to the US. At the same time, as the European Commission stated, only 4 of the 50 largest companies in the world are EU-based. Productivity in the EU still lags behind the US.

Among other things, the report blames slumping competitiveness of the EU countries’ economies on high energy prices (two or three times higher than in the US). Shortage of qualified talent is also felt at the European labour market.