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World Economic Forum in Davos

Total’s CEO Christophe de Margerie declares the European economy dead

Europe now is a developing economy, like BRICS and African countries - Total's head

Total's CEO Axel Weber EPA/YOAN VALAT

Total's CEO Axel Weber

© EPA/YOAN VALAT

DAVOS, January 22. /ITAR-TASS/. In the context of competitive ability, the European economy is dead, and it should be considered as a developing economy, said chief executive officer of the French energy company Total Christophe de Margerie at the World Economic Forum in Davos.

“Europe now is a developing economy, like BRICS and African countries, and the European Union should be added to this group,” said Margerie, adding that it is necessary to increase the competitive advantage of European products.

Europe should once again learn to produce high-quality goods with competitive prices, noted Total’s head.

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