While GDP is the standard measure of economic performance,2 there are other indicators, and in virtually every one, the eurozone's overall performance is dismal, and that of the crisis countries, disastrous: unemployment is very high; youth unemployment is very, very high; and output per capita is lower than before the crisis for the eurozone as a whole, much lower for some of the crisis countries.
The standard benchmark for evaluating economic performance is GDP; however, it only tells part of the story. The eurozone is underperforming on multiple fronts beyond GDP, with troubling indicators reflecting a grim economic landscape. High unemployment rates plague the region, particularly among the youth, who face even greater challenges in finding work. This persistent high unemployment not only affects individuals but also hinders overall economic recovery.
Additionally, the output per capita in the eurozone is notably lower than the levels observed before the financial crisis. Many countries that were already facing economic difficulties have seen their situations worsen, highlighting the inadequacy of relying solely on GDP for a comprehensive understanding of economic health. Stiglitz argues that a broader set of metrics reveals the ongoing struggles faced by the eurozone and its crisis-hit countries.
