European degrowth is self-inflicted, can never be blamed on anyone else but themselves. The Philippines and other Asians should avoid the European malady. We know what they are doing that we should not do here - - save almost everything (planet, Ukraine, DEI, illegals, whales,...) except their own economies.
S. Korea is crawling like many Europeans, worse than Japan. Aside from their internal politics, I think S. Korea is embracing many woke policies of Europe. Data below from Trading Economics.
See also:
Macroecon 33, Updated DBCC fiscal program, 2025-2028, June 29, 2025
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