Ray Dalio says Europeans have a ‘lower than average work ethic’ that’s making the euro zone a declining power

Eurozone countries are seeing their influence on the global stage slowly fade away, according to billionaire investor Ray Dalio, largely thanks to the way Europeans work.

Dalio—who founded Bridgewater Associates, the world’s largest hedge fund—took to Twitter on Thursday to share his view that that the cohort of 19 states’ collective position was at risk.

Using a computer-generated reading of the region’s power based on metrics like education, innovation, military strength and trade, Dalio concluded that while the eurozone is currently the third largest power in the world, it is facing a “gradual decline.”

View this interactive chart on Fortune.com

Nineteen of the EU’s 27 member states—including Germany, Ireland and the Netherlands—use the euro, and collectively these countries are known as the eurozone or euro area.

Regardless of labor productivity, the European Commission expects the eurozone economy to shrink in the final quarter of this year and the first three months of 2023, thanks to soaring inflation—particularly when it comes to energy prices—and interest rate hikes.

Earlier this week, official data showed that the eurozone grew by 0.2% between July and September from the previous quarter, marking a year-on-year rise of 2.1%.

This story was originally featured on Fortune.com

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