Investing in Innovations: Key to Recovery in Central & Eastern Europe
For the past couple of decades, the economic growth in CEE has been driven by traditional industries, dynamic exports, investments from abroad, low labour-costs and EU funding. However, as the wave of digital transformation and adoption of new technologies sweeps the global economic landscape, the original drivers of economic development in CEE are beginning to weaken. However, a set of well-placed and efficiently utilized investments in innovation and digitalization could help stop the inevitable economic decline, and being able to benefit from the post-pandemic European recovery instruments could provide a viable platform to do so.
Given the current post-coronavirus circumstances and the EU large-scale recovery package that comes with it, CEE’s pursuit to profit from the digital transformation of the economy couldn’t be more timely. Coupled with EU’s quest to reduce its reliance on the US technologies to improve its resilience with regards to the technological infrastructure, there’s an urgent need to invest in innovative pan-European projects supporting Europe´s technological sovereignty. What are then the key ingredients to make Central Europe succeed, and which challenges need to be addressed?
Read more in the report below.