Portal:European Union/Selected article/1

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The European Union has the world's largest economy with about 500 million people, with a 2005 GDP of 12,865,602 million. It is estimated that in the period of 2006-2020, the economy will grow at an average rate of 2.1% per annum. The EU set itself an objective under the Lisbon Strategy to make it "the world's most dynamic and competitive economy" by the year 2010. Significant challenges face the EU economy with issues like a low birth rate and aging population; while strengths include the expected gains earned through enhanced free trade and high growth in newer EU members. There are benefits accruing to EU citizens that are not visible in traditional economic data, like enhanced time off from work and social protection.