24 Mar 2021
A new survey from the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce reports that the transatlantic economy is on the mend, thanks to the massive policy response to the recession brought on by COVID-19. Both the EU and the US are set to see a return to growth in 2021, although the rebound is uneven with the US powering ahead. Turning to the future, the report notes that the fundamentals of the transatlantic relationship remain strong and will likely play a key role in the economic recovery to come. Read the report here.
Susan Danger, CEO, AmCham EU, said: ‘We are encouraged by the strong political will on both sides to advance the transatlantic relationship. A strong recovery will depend on close cooperation between the EU and the US, as we battle the global health crisis and its impact on our economies.’ She went on to say: ‘Transatlantic partners must seize the opportunity to build a more resilient, sustainable and innovative economy. Now is the time for transatlantic leadership.’
The Transatlantic Economy 2021 annual survey highlights how the EU-US relationship remains the largest of its kind in the world. The transatlantic economic partnership generates around €6 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. Over the past decade, Europe attracted 57.3% of total US global investment – more than in any previous decade.
What to look out for in this new edition?
- Impact of the global pandemic on the transatlantic economy;
- A new chapter devoted to the evolving relationship between the EU, the US and China;
- Changing dynamics of post-Brexit relations with the UK;
- Data on the transatlantic energy economy; and
- Individual profiles for 30 European countries and all 50 US states.
The research was conducted independently by Daniel Hamilton and Joseph Quinlan for the Wilson Center’s Global Europe Program and the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies.
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 2021. Visit the platform: thrivingtogether.eu.