Targeting Investments on Key Growth Priorities: Research and Innovation

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Available languages : Bulgarian Czech Danish German Estonian Greek English Spanish French Croatian Italian Latvian Lithuanian Hungarian Dutch Polish Portuguese Romanian Slovak Slovenian Finnish Swedish
Period : 2014-2020
Date : 20/12/2013

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.