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- Herausgeber: European Investment Bank
- Kategorie: Fachliteratur
- Sprache: Englisch
- Veröffentlichungsjahr: 2024
The European economy is under pressure. Growth is slowing and competitive challenges are rising, all while EU firms navigate the demands of the green transition. Coordinated support from national governments and EU institutions proved critical after the COVID-19 pandemic, helping Europe to bolster its resilience to future shocks and spurring the investment needed to transform and modernise the economy. As a result, progress was made in digitalisation, energy efficiency, decarbonisation and reinforcing supply chains. The pace of change needs to accelerate, however, even as investment becomes harder to sustain. To remain competitive, the European Union and its members need to improve productivity, encourage innovation, address skill gaps, develop new technologies and supporting young, dynamic firms. The report, which is based on the EIB Group's annual Investment Survey, provides insights on how EU firms are dealing with these pressures, and whether they are taking the necessary steps to transform their businesses. These key findings, provide a short accessible summary of the main report's messages.
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EUROPEAN INVESTMENT BANK INVESTMENT REPORT
2023/2024
KEY FINDINGS
Transforming for competitiveness
Disclaimer
The views expressed in this publication are those of the authors and do not necessarily reflect the position of the EIB.
About the European Investment Bank
The European Investment Bank Group is the world’s biggest multilateral lender. We finance sustainable investment in small and medium-sized enterprises, innovation, infrastructure, and climate and environment. We have financed Europe’s economic growth for six decades and are at the forefront of EU crisis response, leading the world in climate investment and backing development of the first COVID-19 vaccine. We are committed to triggering €1 trillion in investment in climate and environmental sustainability to combat climate change by the end of this decade. About 10% of all our investment is outside the European Union, where our EIB Global branch supports Europe’s neighbours and global development.
The full version of the Investment Report 2023/2024: Transforming for competitiveness can be downloaded at:
https://www.eib.org/en/publications/20230323-investment-report-2023
Introduction
The European economy stagnated in the second half of 2023, after performing strongly in the aftermath of the pandemic. Going forward, it will remain under pressure from slower growth and challenges to European competitiveness, while also navigating the green transition. After the pandemic, coordinated fiscal support from national governments and EU institutions proved critical, underpinning Europe’s economic resilience and spurring the public and private investment needed to transform and modernise the economy. Some progress has been made in digitalisation, energy efficiency, decarbonisation and building up the resilience of supply chains.
The pace of change needs to accelerate, even as investment becomes harder to sustain. To remain competitive in a sustainable way, the European Union and its members should focus on improving productivity, encouraging innovation, addressing skill gaps, scaling up new technologies and supporting young, dynamic firms. To stay ahead, Europe needs to invest in bolstering supply chains, given the emerging challenges of deglobalisation, such as protectionist policies and insecure trade routes. It needs to transform its economy, making it more digital and less dependent on fossil fuels. Amid tight monetary policy, and as governments embark on fiscal consolidation, public financing will need to be much more targeted. It should focus on instruments that are catalytic, in that they align private-sector incentives with the goals of Europe’s economic transformation. Europe-wide policy instruments will be particularly important, as they preserve the level playing field within the single market. The goal should be to create an environment that enables the digital and green transformation, reduces uncertainty, improves the availability of skills and ensures reliable and affordable energy, all the while leveraging the power of the single market.
As growth slows and downside risks increase, the challenge of competitiveness returns to the fore
The combined shock of the pandemic and the energy crisis hit the European economy hard, but investment has proved significantly more resilient than in past crises. The economy rebounded quickly after the pandemic, buoyed by substantial policy support. Moreover, while the private sector entered the global financial crisis with excess debt, it faced the pandemic with financial reserves that acted as a buffer. The energy shock of 2022 once again buffeted the economy, and dealing with the crisis required additional fiscal support. At the same time, rising inflationary pressures triggered a tightening of monetary policies. As a result, growth abated and continued to decline in 2023, with intensifying downside risks. In this context, the resilience of investment has been a positive surprise. Investment rebounded rapidly in 2021 and expanded steadily, bringing real investment back to pre-pandemic levels after only six quarters, a pattern that contrasts with previous crises (Figure 1).
Investment growth is increasingly driven by machinery, equipment, intangible assets and non-residential construction.
