The Commission is publishing a report done by their independent consultant on the macro-economic potential of the digital transformation of the European economy. The paper looks into the challenges that the EU faces, including the COVID-19 implications, and the ways to address them to achieve the aims set out in the strategy on Shaping Europe’s Digital Future.
The analysis shows that by 2030, the cumulative additional GDP contribution of such digital technologies could amount to €2.2 trillion in the EU (equivalent to the 2019 combined GDP of Spain and the Netherlands). Raising the investment level of private and public actors in digital technologies and skills is essential to see this happen. E-health solutions in Germany and France alone can bring savings of €55 billion, while only 5% of disclosed financing in automated and mobility technology happens in Europe. To achieve this, the analysis shows that Member States and the EU will need to contribute approximately €75 billion per year for ICT investment in the next decade, and €42 billion per year to educate, upskill and reskill the labour force to manage the digital transition.
The effective use of the Recovery and Resilience Facility, with at least 20% of the funds earmarked for digital, and European projects such as EuroHPC will help bridge this gap. It outlines nine potential signature initiatives for Europe: bold actions that set a high bar and that directly address the four objectives for Europe’s digital transformation: building and deploying digital solutions for societal challenges and climate; reinvigorating democracy, trust and diversity; securing Europe’s digital technological sovereignty and cybersecurity; and boosting the economy and competitiveness.
The study can be found in the attachment: