The IMF recently updated their – World Economic Outlook database – April 2021 – which allows for quick cross country comparisons.
It shows that the:
Eurozone has categorically failed
Austerity is a political choice and it doesn’t work.
Meanwhile, China’s GDP growth per capita over the same period is over 100%, the United States is a little over 10% and the EU as a whole is a disaster. When will we learn?
Source: Latest IMF data helps us see how political choices impact on health and economic outcomes – Bill Mitchell – Modern Monetary Theory