A Look At Some Of The European Union’S Major Social Problems And Their Economic Impact

The EU's economy accounts for a significant share of the world economy. Measured in terms of GDP, it is still the biggest in the world. In addition to that, being a single market of 28 countries, the EU has been a major trading player accounting for around 20% of global exports and imports. However, EU’s trade was hit by the global recession. It is additionally hindered by the attempts of its economic policy to provide for a sustainable growth by investing in transport, energy and research in order to minimize the impact of further economic development on the environment. The most serious problems of the EU are connected with the unstable and comparatively low employment, continuing energy dependence, demographic change and population’s aging, as well as the persisting economic and social disparities within member states and between European regions in the North and South, West and East. The migration crisis adds to the problem with the lack of coherent solution, unsuccessful integration, growing inequalities and fragile multilateralism, having both – their social and economic effects. This paper aims to explore the most pressing challenges before the European Union’s economy today and in the years to come – aging population and social disparities.