LGrowth can come either from rapid growth in exports or from rapid growth in domestic demand. In the first case, we speak of a mercantilist strategy: exports grow rapidly, economic policies aim to improve cost competitiveness, the weight of exports in gross domestic product (GDP) increases. In the second case, we are in the presence of a strategy of growth through domestic demand, with the rapid rise in income and a fairly low savings rate.
It should first be noted that the euro zone can no longer use a mercantilist strategy (growth driven by exports) due to the weakness of global trade in goods. World trade in goods in volume terms has no longer grown since 2019, it has declined…
