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New study: COVID-19 set to test the resilience of the transatlantic economy
A new study on the transatlantic economy stresses the impact the ongoing COVID-19 pandemic will have on both the European and US economies. The current crisis adds to existing economic and political instability, which, in turn, challenges the world’s largest marketplace. Despite mounting uncertainty, the 2020 report emphasises that the fundamentals of the transatlantic relationship remain strong, and will likely play a role in the economic recovery to come.
Susan Danger, CEO, AmCham EU, said: ‘We need the US and the EU to work together, with the entire global community, to ensure a coordinated approach to the health emergency caused by COVID-19 and its ripple effects on the economy. Bold action from governments is critical to protect citizens’ health and shield our economies from the impact of a global recession.’ She went on to say: ‘Today’s crisis demonstrates the continued importance of transatlantic cooperation.’
To download the study, please click here.
The Transatlantic Economy 2020 study highlights how the EU-US relationship remains the largest of its kind in the world. The transatlantic economic partnership generates over €5 trillion in commercial sales a year and accounts for half of total global personal consumption. No place in the world attracts more US foreign direct investment (FDI) than Europe. During the past decade, Europe attracted 57.5% of total US global investment – more than in any previous decade.
The research was conducted independently by Daniel Hamilton and Joseph Quinlan for the Foreign Policy Institute at Johns Hopkins University's School of Advanced International Studies and commissioned by the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce.
This year’s edition features inserts on the effects of Brexit on the transatlantic relationship, Chinese investment in North America and Europe, the transatlantic energy economy, and an in-depth analysis of FDI flows from the US to Europe. It also includes individual profiles for 30 European countries and all US states.
The data is also available on Thriving Together, an online platform that showcases the deep ties that bind Europe and the United States, including numbers from The Transatlantic Economy 2020. Visit the platform: thrivingtogether.eu.