Published on 28 Mar 2024 on Insider Monkey via Yahoo Finance

16 Largest Countries in Europe by Area

In this article, we will discuss the 16 largest countries in Europe by area. If you want to skip our analysis, you can proceed to the section highlighting the 5 Largest Countries in Europe by Area.

Economy of Europe: An Analysis

According to a report by the IMF, the European economy grew by 1.3% in 2023 and is expected to grow by 1.5% in 2024. Advanced economies are forecasted to grow from 0.7% to 1.2%, while emerging European economies are expected to experience a more pronounced growth, rising from around 1% to approximately 3%. Growth momentum slowed down in 2023, compared to 2.7% in 2022 as the region's potential is hindered by ongoing geopolitical conflicts such as Russia's war in Ukraine which has sparked energy crises, disrupted supply chains, raised production costs, fueled inflation, and reduced productivity. Energy-intensive and manufacturing-oriented economies, such as Germany and Hungary are the most affected. International trade restrictions are expected to reduce global economic output by up to 7% over the long term, which is about $7 trillion.