Competitiveness of European Union: Challenges and Threats

Abstract

Assessment of the competitiveness of the European Union countries is justified compared to other world economy - the United States of America, Japan and BRIC countries (Brazil, Russia, India, China). By mapping indicators of the global report of The World Economic Forum a comparative analysis of capabilities and limitations of the EU in core areas of economic and social development is made. A comparison of indicators of gross domestic product per capita is made at purchasing power parity in different countries and the human development index which is a composite indicator assessing social development achievements in health and education. The examples show that there is no direct mapping between the GDP of many countries and quality of life, because wealth can be concentrated in the hands of a small part of the population. Special attention is paid to the issue of the ageing european society and migration crisis. It is indicated that the problems of population ageing in the European Union cannot be solved only through migration policy. In conclusion, the authors consider the prospects of development of the EU and raise the question of a possible limit in the integration process of the EU currently.