The growth of economic output per person is much slower than expected – on average, the many crises currently cost us about 10,000 euros each.
Corona and the war in Ukraine and the ensuing slump in economic growth are seriously inhibiting prosperity. According to Marcell Göttert, economist at Agenda Austria, these crises will cost everyone an average of around 10,000 euros in 2024 (see chart below).
“While that doesn’t mean we’re going to lose this money, we’re going to be less prosperous than the 2019 projections predicted.” He calculated the real GDP per capita in money for 2022.
Loss of wealth probably inevitable
In the corona year 2020, GDP was therefore 35.7 billion euros lower than previously thought. This year the minus fell compared to the estimate to “only” 8.7 billion, because eg B. tourism went well. Next year, however, the GDP deficit is likely to rise again to EUR 13.8 billion, as there is hardly any economic growth.
That is about 1,200 euros less capital per person than would have been possible without the crisis.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
