@@ -19,13 +19,172 @@ <h1>
1919 Is Europe < em > really</ em > falling behind?
2020 </ h1 >
2121 < p class ="lede ">
22- Choose an economic indicator, animate it through time, and compare a
23- handful of countries across the metrics that matter.
22+ Not in the simple way the headline suggests. Since 2000, European
23+ economies kept growing, but public markets compounded much more
24+ aggressively in the United States and selected Asian markets.
25+ </ p >
26+ < p class ="story-cue ">
27+ Read the charts from left to right: first the real economy, then the
28+ investable market proxy, then the global index weight that investors
29+ actually experience.
2430 </ p >
2531 </ header >
2632
33+ < section class ="findings-panel " aria-labelledby ="findings-title ">
34+ < div class ="section-kicker ">
35+ < p class ="eyebrow "> Key findings</ p >
36+ < h2 id ="findings-title "> Europe grew. Markets repriced the world elsewhere.</ h2 >
37+ </ div >
38+ < div class ="finding-grid ">
39+ < article class ="finding-card ">
40+ < span class ="finding-card__label "> Real economy</ span >
41+ < strong > 2.48x</ strong >
42+ < p > Average European GDP growth by 2023, with GDP per capita also more than doubling.</ p >
43+ </ article >
44+ < article class ="finding-card ">
45+ < span class ="finding-card__label "> Market proxy</ span >
46+ < strong > 1.15x</ strong >
47+ < p > Average European country-ETF growth, versus 2.28x for North America.</ p >
48+ </ article >
49+ < article class ="finding-card ">
50+ < span class ="finding-card__label "> Clearest split</ span >
51+ < strong > 0.90x vs 2.51x</ strong >
52+ < p > Germany's ETF ended below its 2000 level, while the US ETF more than doubled.</ p >
53+ </ article >
54+ < article class ="finding-card ">
55+ < span class ="finding-card__label "> Global weight</ span >
56+ < strong > 63.7%</ strong >
57+ < p > The US share of MSCI ACWI in May 2026, up from 53.0% in April 2015.</ p >
58+ </ article >
59+ </ div >
60+ </ section >
61+
2762 < main class ="mvp-layout ">
28- < section class ="map-panel " aria-label ="Interactive map ">
63+ < section class ="guided-story " aria-label ="Guided data story ">
64+ < div class ="story-scroll ">
65+ < div class ="scroll-hint " aria-hidden ="true ">
66+ < span > Scroll</ span >
67+ < i class ="scroll-hint__arrow "> </ i >
68+ </ div >
69+
70+ < article class ="story-step " data-story-preset ="real-economy ">
71+ < p class ="eyebrow "> Act 1 · Real economy</ p >
72+ < h2 > Europe did not stop growing.</ h2 >
73+ < p >
74+ Start with GDP in regional mode. By 2023, Europe is around
75+ 2.48x its 2000 GDP baseline, and GDP per capita also more than
76+ doubled. The first lesson is that the story is not collapse.
77+ </ p >
78+ < div class ="story-stat-row ">
79+ < span > < strong > 2.48x</ strong > Europe GDP</ span >
80+ < span > < strong > 2.18x</ strong > Europe GDP per capita</ span >
81+ </ div >
82+ < button class ="story-preset-button " type ="button " data-story-action ="real-economy ">
83+ Show GDP view
84+ </ button >
85+ </ article >
86+
87+ < article class ="story-step " data-story-preset ="market-gap ">
88+ < p class ="eyebrow "> Act 2 · Market proxy</ p >
89+ < h2 > The market line tells a harsher story.</ h2 >
90+ < p >
91+ Switch to country ETF prices and the gap opens. Germany and the
92+ UK sit below their 2000 ETF baselines, while the US ETF more
93+ than doubles and Korea becomes the key counterexample.
94+ </ p >
95+ < div class ="story-stat-row ">
96+ < span > < strong > 0.90x</ strong > Germany ETF</ span >
97+ < span > < strong > 0.62x</ strong > UK ETF</ span >
98+ < span > < strong > 2.51x</ strong > US ETF</ span >
99+ </ div >
100+ < button class ="story-preset-button " type ="button " data-story-action ="market-gap ">
101+ Show ETF view
102+ </ button >
103+ </ article >
104+
105+ < article class ="story-step " data-story-preset ="scatter-gap ">
106+ < p class ="eyebrow "> Act 3 · Uneven gap</ p >
107+ < h2 > Prosperity and markets separate.</ h2 >
108+ < p >
109+ The scatter view fixes the comparison: GDP per capita growth on
110+ one axis, ETF growth on the other. Countries to the upper right
111+ turned prosperity into investable market returns; Europe is more
112+ mixed.
113+ </ p >
114+ < div class ="story-stat-row ">
115+ < span > < strong > Korea</ strong > high market response</ span >
116+ < span > < strong > Germany</ strong > GDP without ETF lift</ span >
117+ </ div >
118+ < button class ="story-preset-button " type ="button " data-story-action ="scatter-gap ">
119+ Show scatter view
120+ </ button >
121+ </ article >
122+
123+ < article class ="story-step " data-story-preset ="market-cap ">
124+ < p class ="eyebrow "> Act 4 · Market cap</ p >
125+ < h2 > Listed-company value compounds elsewhere.</ h2 >
126+ < p >
127+ Market capitalization makes the asymmetry harder to miss. The
128+ US compounds strongly, Korea is exceptional, and several major
129+ European markets trail despite real-economy growth.
130+ </ p >
131+ < div class ="story-stat-row ">
132+ < span > < strong > 11.49x</ strong > Korea market cap</ span >
133+ < span > < strong > 3.24x</ strong > US market cap</ span >
134+ < span > < strong > 1.14x</ strong > UK market cap</ span >
135+ </ div >
136+ < button class ="story-preset-button " type ="button " data-story-action ="market-cap ">
137+ Show market-cap view
138+ </ button >
139+ </ article >
140+
141+ < article class ="story-step " data-story-preset ="acwi-latest ">
142+ < p class ="eyebrow "> Act 5 · Global index</ p >
143+ < h2 > The index investors buy became more concentrated.</ h2 >
144+ < p >
145+ The ACWI snapshots translate the country story into portfolio
146+ exposure. From 2015 to 2026, US weight grows and technology
147+ becomes the dominant sector block.
148+ </ p >
149+ < div class ="story-stat-row ">
150+ < span > < strong > 63.7%</ strong > US ACWI weight</ span >
151+ < span > < strong > 30.7%</ strong > information technology</ span >
152+ </ div >
153+ < div class ="story-button-row ">
154+ < button class ="story-preset-button " type ="button " data-story-action ="acwi-first ">
155+ Show 2015 ACWI
156+ </ button >
157+ < button class ="story-preset-button " type ="button " data-story-action ="acwi-latest ">
158+ Show latest ACWI
159+ </ button >
160+ </ div >
161+ </ article >
162+
163+ < article class ="story-step story-step--explore " data-story-preset ="explore ">
164+ < p class ="eyebrow "> Explore yourself</ p >
165+ < h2 > Now test the thesis.</ h2 >
166+ < p >
167+ Use the controls to change the indicator, year, geography, and
168+ scale. The guided sections set the argument; the explorer lets
169+ you look for exceptions.
170+ </ p >
171+ < button class ="story-preset-button " type ="button " data-story-action ="explore ">
172+ Reset explorer
173+ </ button >
174+ </ article >
175+ </ div >
176+
177+ < section class ="map-panel story-stage " aria-label ="Interactive story stage ">
178+ < div class ="section-kicker section-kicker--panel ">
179+ < p class ="eyebrow "> Evidence explorer</ p >
180+ < h2 > Compare the growth story from four angles</ h2 >
181+ < p >
182+ Start with GDP to see that Europe is not standing still, then
183+ switch to ETF Price and Market Cap to see where the gap opens.
184+ Use countries for concrete examples, or regions for the broader pattern.
185+ </ p >
186+ </ div >
187+
29188 < div class ="control-bar ">
30189 < div class ="control-group control-group--inputs ">
31190 < label class ="control-field ">
72231 </ div >
73232
74233 < div id ="map-chart " class ="map-chart "> </ div >
234+ < p class ="chart-note ">
235+ Map mode shows where each indicator has grown since 2000. Scatter
236+ mode fixes the question to prosperity growth versus investable
237+ market growth, making outliers like the US, Korea, Germany, and the
238+ UK easier to compare.
239+ </ p >
75240
76241 < aside id ="spider-panel " class ="spider-overlay " aria-label ="Spider comparison " hidden >
77242 < div class ="spider-heading ">
@@ -89,15 +254,25 @@ <h2>Profile comparison</h2>
89254 < div >
90255 < p class ="eyebrow "> Evolution</ p >
91256 < h2 id ="evolution-title "> Indicator trajectory</ h2 >
257+ < p class ="panel-copy ">
258+ The line chart turns the selected year into a trajectory. Look
259+ for whether the gap appears gradually, after shocks, or only in
260+ the latest period.
261+ </ p >
92262 </ div >
93263 < div id ="evolution-chart " class ="chart "> </ div >
94264 </ section >
95265
96266 < section class ="treemap-panel " aria-label ="Country / sector treemap ">
97267 < div class ="treemap-panel__heading ">
98268 < div >
99- < p class ="eyebrow "> Market composition</ p >
100- < h2 id ="treemap-title "> ACWI weights by country and sector</ h2 >
269+ < p class ="eyebrow "> Final act</ p >
270+ < h2 id ="treemap-title "> Where global equity weight moved</ h2 >
271+ < p class ="panel-copy ">
272+ The ACWI snapshots show why the market gap matters: global
273+ equity exposure became more concentrated in the US and in
274+ technology-heavy sectors.
275+ </ p >
101276 </ div >
102277 < label class ="control-field control-field--treemap-time ">
103278 < span class ="control-label ">
@@ -110,7 +285,7 @@ <h2 id="treemap-title">ACWI weights by country and sector</h2>
110285 < section class ="treemap-card " aria-label ="Country treemap ">
111286 < div class ="treemap-card__heading ">
112287 < h3 > MSCI ACWI Countries</ h3 >
113- < p > Hover for sector breakdowns</ p >
288+ < p > Hover for sector breakdowns. Watch the US tile expand over time. </ p >
114289 </ div >
115290 < div id ="treemap-chart " class ="chart "> </ div >
116291 </ section >
@@ -122,14 +297,23 @@ <h3>MSCI ACWI sectors</h3>
122297 </ section >
123298 </ div >
124299 </ section >
300+ </ section >
125301 </ section >
126302 </ main >
127303
128304 < footer >
129305 < p >
130- Growth mode normalizes every country to its year-2000 baseline.
131- Absolute mode reveals economic scale where the underlying units are
132- comparable; ETF prices remain a normalized public-market proxy.
306+ Methodology: the main comparison covers 20 countries with comparable
307+ country ETF histories from 2000 to 2023. Growth mode normalizes each
308+ country to its year-2000 baseline. Absolute mode is shown only where
309+ units are comparable; ETF prices remain a normalized investable-market
310+ proxy.
311+ </ p >
312+ < p >
313+ Market capitalization comes from World Bank listed-company market cap
314+ data where reliable. Recent gaps are filled with the matching iShares
315+ MSCI country ETF price as a proxy; Russia, China, India, and Sweden
316+ are excluded from the market-cap comparison because of spotty data.
133317 </ p >
134318 </ footer >
135319 </ div >
0 commit comments