We have read much about the troubles in Greece, Spain, Ireland, and Portugal. These countries have had to borrow heavily, while their balance sheets and debt rating have suffered.
In the fourth quarter of 2014, the euro zone economy grew by 0.3 percent. The European Commission is anticipating growth of 1.6 percent for 2015. That would be the best rate in four years.
France and Italy saw a reversal of fortune in the last quarter of last year. Deflation has been a concern across the eurozone and that is only recently been abating as of April somewhat. Unemployment in the eurozone stands at 11.3 percent.
Spain has seen some success with growth of 0.9 percent in the first quarter of 2015. That has
fueled speculation that the eurozone, as a whole, saw growth of 0.5 percent during the first quarter; better than the U.S.
The rich in Great Britain have fared very well since 2009. They have seen their wealth increase by 112 percent. The average British middle class citizen has not fared as well, with most not yet recovering from the recession.
Russia cut interest rates and French consumer spending is on the wane. Greece continues to see its debt rating downgraded while it contemplates an exit from the Euro. But it may agree to a deal that would provide the €7.2 billion it needs to avoid default. Greek savers, afraid of the impact of not striking a deal, pulled funds from banks, leaving deposits at a 10-year low.
Even China, the primary source of consumer goods in the U.S., has seen its economic growth stagnate compared to its recent historical gains. Growth in China, saw expansion of 7 percent in the first quarter. The last quarter of 2014 was a slightly more robust 7.3 percent. China has seen double-digit annual growth for decades. Many economists believe that growth for 2015 and 2016 will likely be below 7 percent.