Europe is lagging behind the US in digital technology investment

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According to the new 2022 edition of the European Investment Bank’s annual Investment Report Europe is significantly lagging behind the US in digital technology investment, including drones.

During the Covid-19 crisis, 58% of firms in the United States took action to become more digitalized. In Europe, this percentage was only 46%. This backlog can hinder the development of the European economy in the long term.

Hence, many European countries have recently increased investments into digitalisation, innovation and technology. In 2019, the European Union’s five biggest public funders of information and communications technology (ICT) research and development were Germany, Italy, France, UK and Spain. However, when looking at the rates of ICT public funding as a proportion of total public R&D investments, Cyprus led the way in the European Union with the highest rate (29%), followed by Ireland (15%), Latvia and Sweden (both close to 13%), Finland (12%) and Hungary (11%).

Although the EU’s increasing investment in ICT, further funding and encouraging policies are needed to ensure the economic growth of the member states.

The full report is available here: https://www.eib.org/en/publications/investment-report-2021

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