The current account of a country is it’s accounting of imports minus its exports. The European Union has generally run a trade surplus, while the United States has run significant current account deficits since the 1990s. Running current account deficits does not necessarily signal trouble, but many economists have signaled in recent years the potential problem of running “twin deficits” –current account deficits and a massive budget deficits happening simultaneously.
The Euro Area’s unemployment Rate is charted to hit its lowest level since the Eurozone crisis. Euro Area unemployment has been unbalanced – with low and sustainable rates (in general) in northern countries and high in southern countries like Greece, Spain, and Italy. Unemployment is a major concern among youth populations in the Euro Area and the EU28.
GDP in advanced economies is expected to slow or contract in coming years, with inequality rising in almost all developed countries into the next two decades. Many experts believe that rising inequality is a result of increased globalization, hyper-specialization within the labor force, and the reallocating of natural and human resources.
The value of global exports have increased exponentially in the post-War period, facilitated by the creation of the GATT, WTO, and bilateral free trade agreements.
Decline in union membership among manufacturing employees in the United States, as well as the real hourly wages of manufacturing employees from 2000-2018. Real wages (nominal wages factoring for inflation) for manufacturing workers has been virtually stagnate for two decades. Globalization has decreased jobs in manufacturing in America’s heartland, while the public discourse on unions has simultaneously turned increasingly negative.