Targeting Investments on Key Growth Priorities: Research and Innovation
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Why invest in research and innovation?
- Decades of macro-economic research have shown that innovation drives up to 80% of economic growth in developed countries.
- Europe needs to innovate in order to exploit research results and convert them into marketable products and processes which drive economic growth.
- Europe is lagging behind its main global competitors. Research and development (R&D) spending accounted for just over 2% of Europe’s GDP in 2011. This figure is well below that of the US, Japan and South Korea, with China’s investment in R&D growing rapidly.