Europe

While North America will do quite well in the coming de globalization, Europe will be struggling. Using Germany as an example their people are aging fast. Retired people are not big consumers but do require a lot from the state in the form of retirement benefits, things like pensions and healthcare. Add to that the shortage of working age people, who through their taxes pay for the older people plus they are the consumers of locally produced goods and services and that means excess production which must be exported. Even under the old rules Germany was a major exporter of goods produced by their chemical industry along with autos. The basis of the chemical business is having natural gas as a starting point so Germany's major chemical company BASF, which is the largest chemical country in the world. is moving to Louisianan where they will have a supply of gas and next to their largest customer, the US Germany, that was already in a downward spiral because of demographics has been hit with the cut off of natural gas from Russia and Germany is the heart and soul of Europe and countries in the south like Greece, Italy and Spain will be hurt by the problems in Germany.