Europe's economic growth has been trailing the US for decades, productivity growth has fallen behind its peers, and the EU today accounts for 18% of global GDP compared to 27% in 1995. Its share of global industrial value has also fallen from 27% to 16% over the same period.
European investment in AI lags other regions, even when it comes to dedicated spending by governments. The private investment gap is even wider, with European investors generally more risk-averse.
There are two areas that should stand out for policymakers as potential leverage points to increase Europe's competitiveness: investing in technology and skills, and advancing the energy transition.
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