麦肯锡-加速欧洲:新时代的竞争力(英)-2024.1-13页.pdf

2024-02-02 23:10
麦肯锡-加速欧洲:新时代的竞争力(英)-2024.1-13页.pdf

January2024AcceleratingEurope:CompetitivenessforaneweraTurbulenttimeshavehighlightednewfragilitiesinEurope’seconomies.Addressingthemcouldbethecatalystforanewwaveofcompetitivenessandgrowth.byMassimoGiordano,SolveighHieronimus,SvenSmit,Marc-AntoinedeLaChevasnerie,JanMischke,EfiKoulouridi,GuillaumeDagorret,andNicoleBrunettiEuropeisagloballeaderonsustainabilityandinclusionbutneedstoreviveitscompetitivenessSustainability,inclusion,andgrowthreinforce—orundermine—oneanother.Togetherthesethreeelementscandeliveraprosperousandgreenfuture.1Thusfar,Europehasastrongrecordonthefirsttwo(Exhibit1).Itleadstheworldinreducingcarbonemissions.Italsoleadsonmostdimensionsofeconomicinclusionandsocialprogress,includingincomeinequalityandlifeexpectancy.ButEuropehasnotfaredsowellonthegrowthpartofthisequation.Europe’spercapitaGDP(atpurchasingpowerparity,orPPP)was27percent1Frompovertytoempowerment:Raisingthebarforsustainableandinclusivegrowth,McKinseyGlobalInstitute,September2023.2OECD.belowthatoftheUnitedStatesin2022.2Abouthalfofthisgapreflectsproductivitydifferences,whiletheotherhalfisduetosocietalchoicestoworkfewerhourspercapitaacrossalifetime.UnlessEuropecanreenergizegrowth,itsleadingpositiononsustainabilityandinclusioncouldbecompromised,erodingEuropeans’standardofliving.Acceleratinggrowthrequiresbecomingmoregloballycompetitive,eveninthefaceofmountingpressures.Thisarticle,partofanongoingresearchseriesbyMGI,presentsafreshperspectiveontheseissues.ItdelvesintothefactorsthatwilldefineAtaglance—Europeisoneoftheworld’sleadingregionsintermsofsustainabilityandinclusion.Butitspercapitaincomeremains27percentlowerthanintheUnitedStates.Closingthatprosperitygapdependsonacceleratinggrowthbybecomingmoregloballycompetitive.—Wehaveenteredanewgeo-economicerathatmakescompetitivenessmoreurgentandmorechallengingforEuropeinsevenarenasthatmatterforthefuture,fromenergytotechnologyandsupplychains.—Shoringupcompetitivenessintheseareasiscritical.Weestimatethatabout€500billionto€1trillionofvalueaddedcouldbeatstakeannuallyby2030.Forperspective,thisisthreetosixtimestheincrementalannualinvestmentneededtoachievenetzero.Addressingtheseissueswilldeterminetheregion’sabilitytounlockfuturegrowthwhilepreservingitsunrivaledsustainabilityandinclusionmodel.—Tothriveinthisnewera,Europeneedsanintegratedagendaforcompetitiveness,withbusinessleadersandpolicymakersworkinghandinhandtowardambitiousnewgoals.Criticalchoicesandpotentiallyuneasytrade-offslieahead.—Sharplyhighergoalscouldinclude:doublinginnovation-relatedprivateandpublicspendinginareassuchasartificialintelligence,withadifferentiatedapproachforadoptionvs.development;doublingtheaveragescaleofEurope’sleadingfirms,perhapsbyintroducinga“28thregime”ofcommonbusinessrules;cuttingpowerandgaspricesinhalfbydevelopingandaccessingnewsourcesofenergy;acceleratingreskilling,laborredeployment,andtalentattractiontoenabletechnologyadoption;adding$400 billionofannualcorporateinvestmentanddoublingtheinflowofgreenfieldFDI;securingaccesstocriticalmaterials;andrethinkingregulation

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