Economic status of EU:
I think one of the main considerations is the sheer size and wealth of the consumer market in Europe. We are accustomed to think of GDP rankings in terms of individual countries. When we do so, the U.S. is number 1, followed by China and then Japan. However, if we look at Europe as one entity, then it is the largest. Since the EU does make Europe ONE economic entity so looking at Europe this way in not unnatural.
If we look at this way, Europe is tops with a GDP of 16 trillion (roughly 26% of world GDP), followed by the U.S. with 14.6 trillion, China with 5.9 trillion and Japan with 5.4 trillion. Germany follows with 3.3 trillion.
Look at the following link and you will see what I mean. The rankings are by nominal GDP
In terms of population, the EU has over 500 million consumers versus 310 million in the U.S. These are generally consumers with a much higher GDP per capita than in China or India, making the European consumer highly desirable.© BrainMass Inc. brainmass.com October 10, 2019, 7:14 am ad1c9bdddf
You are correct. The European Union (EU) could be considered as one entity for many purposes. The European Union has the world's second largest economy, since 2007- this is despite the many economic woes in Europe. The European Union was impacted by the 2008 financial crisis and by the financial instability of Greece, Portugal, Italy, Ireland, and Spain. This led to suggestions of different tactics to help these countries shore up their economy- and here is where an important factor should be ...
This solution looks at the EU, and its economic status in relation to the U.S. Includes APA formatted reference.