greece, croatia, israel, italy, lebanon, libya, morocco, malta, montenegro, palestinian territories, slovenia, syria, tunisia and turkiye. 6. see manoli, p. ( 2021 ), “ economic linkages across the mediterranean : trends on trade, investments and energy ”, policy paper, no 52 / 2020, hellenic foundation for european and foreign policy, january. 7. see union for the mediterranean secretariat, ufm youth strategy 2030. euro - mediterranean youth towards a common goal. 8. international labour organization, “ trade, investment and employment in the southern mediterranean countries ”, thematic report of the “ mainstreaming employment into trade and investment in the southern neighbourhood ” project, executive summary. 9. see ambrosetti, e. ( 2020 ), “ demographic challenges in the mediterranean ”, iemed mediterranean yearbook. 10. see hadibi, z. ( 2023 ), “ the migration of young mediterranean talent and the challenge of employability ”, friedrich naumann foundation for freedom, july. 11. scarrone, n. ( 2021 ), the education paradox in the southern and eastern mediterranean – youth, human capital and transition to work ”, iemed mediterranean yearbook 2021 12. see “ encyclical letter laudato si ’ of the holy father francis on care for our common home ”. 13. see union for the mediterranean, “ first scientific report on climate and environmental change in the mediterranean ”. 14. see “ summary for policymakers ” in cramer, w., guiot, j. and marini, k. ( eds. ) ( 2020 ), climate and environmental change in the mediterranean basin – current situation and risks for the future, first mediterranean assessment report by mediterranean experts on climate and environmental change, union for the mediterranean, plan bleu, unep / map, marseille, france, pp. 11 - 40. 15. escribano, g., lazaro touza, l. and urbasos, i. ( 2023 ), “ revamping the euro - mediterranean energy and climate space ”, elcano policy paper, june. 16. world trade organization ( 2023 ), world trade report 2023 – re - globalization for a secure, inclusive and sustainable future. 17.. see deandreis, m., panaro, a. and ferrara, o. ( 2022 ), “ maritime scenario in the mediterranean : analysis of the competitiveness

bottlenecks and, latterly, the initial impact of the war go some way towards explaining the subdued economic performance of the euro area in the last quarter of 2021 and the first quarter of 2022 : the quarter - on - quarter growth rates were just 0. 3 per cent and 0. 2 per cent respectively. although the easing of pandemic - related restrictions in europe will provide an important source of momentum in the coming months ( especially for the services sector ), the pandemic is still contributing to global bottlenecks, while the energy shock and the war will continue to exert an adverse impact on domestic activity. chart 1 shows different vintages of the imf ’ s world economic outlook. compared to the profile of a prolonged multi - year phase of output remaining far below the pre - pandemic level that was embedded in the october 2020 vintage, the development and rollout of vaccines ( together with considerable policy support ) enabled a much faster recovery, as captured in the october 2021 vintage. however, the impact of new pandemic waves, the energy shock and the war have all contributed to a substantial downward revision in the expected output path, as reflected in the latest april 2022 projections. during 2021, the faster - than - expected global recovery – in combination with the asymmetric and idiosyncratic nature of the impact of the pandemic across industries and regions – helps to explain the emergence of sectoral demand - supply mismatches ( bottlenecks ) and the jump in energy prices. chart 1 euro area and world gdp ( index 2019 = 100 ) sources : imf world economic outlook and ecb calculations. in relation to the composition of domestic demand, chart 2 shows that consumption and investment remain below pre - pandemic levels, whereas government spending ( the sum of public consumption and public investment ) has been substantially above the pre - pandemic level since the second half of 2020. the still - subdued level of private expenditure in the euro area stands in contrast to the much stronger recovery in domestic demand in the united states. chart 2 consumption, investment and government spending ( index : q4 2019 = 100 ) sources : eurostat, and ecb projections and calculations. note : the latest observations are for the first quarter of 2022. chart 3 shows a range of purchasing managers ’ index ( pmi ) confidence indicators. the left panel shows the assessment of the current situation in manufacturing and services. the re - opening of the economy is