General Conclusions
· The USA will become more powerful than it is today, economically, militarily, politically, culturally.
· Europe, & the European Union as a whole, will decline economically, militarily, politically, culturally.
· Growth in GDP, market size & equity returns will occur outside Europe.
· Continental EU will be a shrinking market, relatively unattractive to exporters and investors.
· The tax base of Continental EU will shrink: tax rates & public-sector debt will have to increase.
· Shrinking & ageing population in Continental EU will mean more demand for state-provided healthcare & pensions, with fewer active people to provide them.
· Most EU member-states will see falling demand for houses, schools, factories, shops and capital goods, with falling asset values & investment. This will affect both the tax base and the equity markets on which private pension provision depends.