EU sees highs and lows with globalisation

A new report says there have been both “gains and pains” for Europe from globalisation.

On the plus side, the report says that many jobs that could have been located in Asia are being located in central Europe.

“This has provided substantial logistical and cost benefits for European companies,” it says.

On the downside, it says Europe is failing to attract skilled migrant workers – only 5 per cent of skilled labour from developing countries comes to the EU whereas 55 per cent goes to the United States.

The report was compiled by Daniel Hamilton and Joseph Quinlan from the American chamber of commerce to the EU (Amcham).

It says that over the last 10 years, the EU economy has created 18m more jobs than it has lost and the EU remains the world’s largest exporter.

It was launched by José Manuel Barroso, European commission president, at the Amcham offices in Brussels on Thursday.

Barroso said, “This study confirms with objective and quantified data that the right approach to shape and respond to globalisation is to build an integrated and open Europe, socially and economically dynamic.”

Mark Spelman, chairman of Amcham’s executive council, said, “Europeans have reaped substantial and tangible benefits from globalisation but there is scope to gain even more.

“There is a global war for talent and Europe must enhance the size and skills of its employable population.”

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