The report finds that Europe has historically had a strong record on sustainability and inclusion, but growth, profitability, and R&D investment of large European corporations are not aligned with global competitors. The region is also lagging in 8 of 10 critical technologies for the future. This could compromise economic competitiveness in many business sectors, including current European strongholds like automotive and luxury goods. The research explores challenges and offers 11 initiatives that stakeholders could consider taking to bridge this competitiveness gap.
The session began with a brief overview of the key findings with lead authors Sven Smit and Jan Mischke, followed by a discussion with leading experts, moderated by independent Brussels correspondent Jack Parrock, who is best known for his work with DW News and Euronews:
- Debora Revoltella, Director of the Economics Department, European Investment Bank (EIB)
- Magnus Tyreman, Managing Partner for McKinsey in Europe, and Senior Partner, McKinsey & Company
- Solveigh Hieronimus, Co-leads McKinsey’s global Center for Government, and Senior Partner, McKinsey & Company
Questions discussed during the webinar include:
- How are CEOs and policymakers in Europe thinking about approaching the competitiveness and technology gap?
- Where are the biggest opportunities for investment and innovation? Should we focus on certain industries or technologies in particular?
- What are bold actions businesses and policymakers could consider?
- Given the facts, are you optimistic about the future of Europe's prosperity? What can we learn from how Europe has reacted to crises in the past?
For more on this topic, please watch the webinar recording and read the report, Securing Europe’s competitiveness: Addressing its technology gap.