the largest and most populous continent

EUROPE

Europe is a continent located entirely in the Northern Hemisphere. Europe covers about 10,180,000 square kilometres.

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European culture is the root of¬†Western civilization, which traces its lineage back to¬†ancient Greece¬†and¬†ancient Rome.¬†The¬†fall of the Western Roman Empire¬†in 476 AD and the subsequent¬†Migration Period¬†marked the end of Europe’s¬†ancient history¬†and the beginning of the¬†Middle Ages.¬†Renaissance humanism,¬†exploration,¬†art¬†and¬†science¬†led to the¬†modern era. Since the¬†Age of Discovery, started by¬†Portugal¬†and¬†Spain, Europe played a predominant role in global affairs. Between the 16th and 20th centuries,¬†European powers colonized¬†at various times the¬†Americas, almost all of¬†Africa¬†and¬†Oceania, and the majority of¬†Asia.

The¬†economy of Europe¬†comprises more than 744¬†million people in 50 countries. Formation of the¬†European Union¬†(EU) and in 1999, the introduction of a unified currency ‚Äď the¬†euro brings participating European countries closer through the convenience of a shared currency and has led to a stronger European cash flow. The difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide. Whilst most European states have a¬†GDP per capita¬†higher than the world’s average and are¬†very highly developed, some European economies, despite their position over the world’s average in the¬†Human Development Index, are poorer. Europe in banking had total asset more than $50 trillion and its global management had asset more than $ 20 trillion.

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United Kingdom

In 2019, the UK was the fifth-largest exporter in the world and the fifth-largest goods importer. It also had the second-largest inward foreign direct investment, and the third-largest outward foreign direct investment. The UK is one of the most globalised economies, and it is composed of England, Scotland, Wales and Northern Ireland. With more than 52% of its imports and its exports, the European Union, including its 27 members states, remains in 2020 one notable trade partner from the UK.

FRance

France has a diversified economy, that is dominated by the service sector (which represented in 2017 78.8% of its GDP), whilst the industrial sector accounted for 19.5% of its GDP and the primary sector accounted for the remaining 1.7% The fifth largest trading nation in the world (and second in Europe after Germany), France is also the most visited destination in the world, as well the European Union’s leading agricultural power.

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Economy of Europe

As a continent, the economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7 trillion compared to North America’s $27.1 trillion in 2008.¬†In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world’s wealth. It was one of several regions where wealth surpassed its precrisis year-end peak.

The European Union, a political entity composed of 28 European states, comprises the¬†largest single economic area¬†in the world. 19 EU¬†countries¬†share the¬†euro¬†as a common currency. Five European countries rank in the top ten of the world’s largest¬†national economies in GDP (PPP). This includes (ranks according to the¬†CIA): Germany (6), Russia (7), the United Kingdom (10), France (11), and Italy (13).

2000-present

By the millennium change, the EU dominated the economy of Europe comprising the five largest European economies of the time namely Italy, Germany, the United Kingdom, France, and Spain. 

Future

Of the top 500 largest corporations measured by revenue, 184 have their headquarters in Europe. 161 are located in the EU, 15 in Switzerland, 6 in Russia, 1 in Turkey, 1 in Norway.

Economic development

Wealth

As with other continents, Europe has a large variation of wealth among its countries.