Koen Vermeltfoort’s Post

Europe is a world leader in sustainability and social inclusion, two of the world’s most important issues. But when it comes to economic competitiveness, the picture is not as bright. • Europe’s largest companies are 20 percent less profitable than their US peers • The per capita GDP in Europe is 30% lower than that of the United States • Europe is home to only 14 percent of global unicorns; the United States has half Nevertheless, it’s not too late for Europe to catch up, argues McKinsey’s Managing Partner for Europe, Massimo Giordano. In this article, Massimo outlines how by building on its strengths – including first-rate education, a sophisticated industrial base, and a high degree of openness and connectivity – Europe can bolster its position on competitiveness and growth

"Accelerating Europe: Competitiveness for a new era" - McKinsey Global Institute 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝗹 𝗣𝗼𝗶𝗻𝘁𝘀 𝗼𝗳 𝗙𝗼𝗰𝘂𝘀 𝘁𝗼 𝗺𝗲𝗲𝘁 𝗸𝗲𝘆 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 (𝘀𝗲𝗲 𝗯𝗲𝗹𝗼𝘄) 𝟭. 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗘𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺: #Europe needs to bolster its capabilities in #frontier #technologies such as #AI and #quantum #computing, fostering a conducive environment for #experimentation, talent attraction, and #strategic #investment. 𝟮. 𝗘𝗻𝗲𝗿𝗴𝘆 𝗜𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲 Developing and #diversifying domestic #energy sources while investing in #renewable technologies can enhance Europe's energy #security and #competitiveness. 𝟯. 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻: Deeper European #integration and #harmonization of business rules can facilitate the growth of European companies, enabling them to compete #effectively on a global #scale. Europe, while excelling in #sustainability and #inclusion, faces a substantial #prosperity #gap compared to the #United #States. To bridge this gap and ensure future growth, Europe must enhance its competitiveness across seven critical arenas, including #innovation, #energy, #capital, #supply #chains, #talent, #size, and #competition and #markets. Failure to address these challenges could jeopardize Europe's leading position on sustainability and inclusion. https://lnkd.in/dumx-pTt

#Europe excels in #sustainability and #inclusion but lags behind the US in prosperity. To close this gap and remain globally competitive, Europe must enhance competitiveness across critical areas like energy and #technology. Success could add €500 billion to €1 trillion annually by 2030, vital for future growth while maintaining sustainability. Achieving this requires an integrated agenda, doubling innovation spending, scaling up firms, cutting energy costs, investing in reskilling, attracting talent, increasing corporate investment, ensuring resource access, and revising regulations. These steps are crucial for Europe's success in the new geo-economic era, analyzed by a inspiring article via McKinsey & Company here.

Europe is a global leader on sustainability and inclusion but needs to revive and accelerate its #competitiveness. Unless Europe can reenergize growth, its leading position on sustainability and inclusion could be compromised, eroding Europeans’ standard of living. Accelerating growth requires becoming more globally competitive, even in the face of mounting pressures. This article from #Mckinsey explores an integrated approach, including constraints and trade offs, expanding particularly on: -         #innovation -         #energy -         #capital -         #supplychain -         #talent -         #size -         #competition and market frameworks

To remain economically competitive and continue to improve the lives of its citizens, #Europe must excel at three things: environmental #sustainability and social #inclusion, where it already leads, and economic #growth, where it has fallen behind. It is not too late catch up, argues McKinsey & Company’s managing partner for Europe Massimo Giordano in this year-end article. By building on its strengths – including first-rate education, a sophisticated industrial base, and a high degree of openness and connectivity – the region can regain its innovativeness and competitiveness. However, it must do so quickly – and at scale. #LiftingEuropesAmbition https://lnkd.in/dF5Rb8zb

“Navigating Global Challenges: Insights on European Development and Impact” In a world marked by geopolitical tensions, climate change, and technological disruptions, understanding how different regions respond is crucial. Let’s delve into the dynamics of European development and its global implications: 1. The European Green Transition and Digital Economy Europe’s Climate Commitment: The European Union (EU) aims to reduce carbon emissions by 55% by 2030, compared to 1990 levels. If successful, Europe could become the world’s first climate-neutral continent. Green Industries: Emerging ecological sectors, such as renewable energy and sustainable manufacturing, will create highly skilled jobs. Conversely, traditional sectors like oil, gas, and agriculture may experience reduced labor demand. Digital Transformation: Europe’s push toward a digital economy will drive growth in areas like semiconductors, rare earth metals, and medical technologies. 2. Demographic Shifts and Workforce Challenges Aging Workforce: Europe faces a demographic transition. An aging workforce isn’t being replaced at the same rate by younger workers due to extended education periods. Skills Gap: Labor shortages and skill gaps persist, especially in construction, healthcare, and information technology. Re-skilling and upskilling are crucial to fill vacancies. Quality Jobs: Ensuring quality employment with dignified working conditions and skill utilization remains a challenge. 3. Global Migration and Remittances Migration Trends: The 2024 World Migration Report highlights global mobility patterns. Migrants contribute significantly to host economies and societies. Remittances: International remittances have surged by 650% from 2000 to 2022, reaching $831 billion. These remittances often surpass foreign direct investments in boosting developing nations’ GDP. 4. Sustainability as a Driver of Innovation Climate Emergency: The ongoing climate crisis, digital revolution, and cost-of-living challenges fundamentally impact economies and communities. Choices Matter: Policy decisions made in this decade will shape our future. Prioritizing reskilling, green technologies, and quality jobs is crucial. Remember, the world is interconnected. Europe’s choices reverberate globally, affecting not only its own prosperity but also the well-being of other regions. Let’s engage in meaningful discussions and drive positive change together. #EuropeanDevelopment #GlobalChallenges #Sustainability #Innovation #LinkedIn

Oxford Universitys analysis of The U.K. Economy that could be affected by a negative 12% growth rate due to loss of Green Economies. University of Oxford Our drive and vision should be for Net Zero. United Nations Office at Vienna #sdg #netzero #ukgov #greeninvestments #sustainability #tech #unitednations #oxforduniversity #uk https://lnkd.in/erQQqYSa

Sustainability, inclusion, and growth reinforce—or undermine—one another. Together these three elements can deliver a prosperous and green future. Thus far, Europe has a strong record on the first two (Exhibit 1). It leads the world in reducing carbon emissions. It also leads on most dimensions of economic inclusion and social progress, including income inequality and life expectancy.

🌟 Europe has long been at the forefront of sustainability and inclusion efforts, making significant strides in reducing carbon emissions and promoting economic and social progress. But it lags other regions on growth and prosperity. New McKinsey Global Institute research offers a fresh perspective on competitiveness and economic performance in Europe ➡️ mck.co/AcceleratingEurope #Davos2024 #europe #growth #economy

Sharing a new McKinsey Global Institute research paper on how to advance competitiveness of the European economy. Europe is where my roots are. It is a wonderful region that can be on the forefront for a better world. But I also see the lack of aspiration, innovation and grit - which all hold back Europe from leading… I hope this report will path the way towards accelerating Europe!