It's above 2% for 2024. 2025 will be larger still I am sure.
In reality it needs to be, if the EU wants to stay relevant and in its current configuration.
Russia and China are a hell of a strong combination, with Russia's minerals and energy and China's huge manufacturing capability.
The U.S is under threat financially from them, whereas Europe is under military threat from them.
The only saving grace IMO is, China still needs the West to buy its goods, but as India and SE East Asia become more affluent, therefore the dependence on U.S and EU trade and demand decreases, that's why the U.S has got to get its finances in order and be able to compete with China on a manufacturing base.
As I posted a couple of days ago the U.S Govt debt per capita is about $169,000 Australian/ person, that is a huge amount of debt.
IMO it is probably only the fact that the U.S is the reserve currency, that stops them from defaulting.
IMO if the BRICS did get another default reserve currency going, the U.S would be toast and probably most Western economies with it, this has been 40 years in the making but globalisation has actually stripped most Western Countries of the very thing that underpinned their currencies.
Manufacturing and being able to value add and sell their product to another country, for its currency as payment. Take us for example, we aren't making iron ore, we are just digging it and flogging it, same with all the raw materials. So as the population increases the money made from the raw materials gets split between more people, unless we get more for it or sell more of it for the same amount of money, there is less money per person.
It's interesting times and comes when the West is so used to having money to throw around, everyone thinks all they have to do is ask and they will receive.
The money printing is coming to an end and it will be ugly.
It's a bit like Victoria, eventually the spending catches up and there are only so many people to get the tax from to pay the debt, then someone has to be a Trump, make the nasty calls and cop the backlash.
Only my thoughts and they are worth what they cost, zip. But it is an interesting topic.