Europe is the 'No. 1 candidate' for a recession, says wealth management firm

Alexandre Tavazzi of Pictet Wealth Management says companies in the region are losing competitiveness because of soaring energy prices.

[AH-fmrj]

Europe problem is not only energy, but also the age structure and the size of public services. Germany's median age is above 45years. The median age among the well educated technical work force is even more. If you work in a German company you immediately feel that the average age is around 50 to 55years old. On top there are 5.1 Million people are working in the public sector (governmental jobs) which is consuming a huge work force.