Kicking off the year in which the Single Market turns twenty, the European Commission announced today its strategy to build trust in the Digital Single Market. We think this is an important announcement, because the Commission confirms the immense potential of the Internet as a driver of growth and jobs, not just in the tech sector, but throughout the entire economy. It also issues a rallying call for Europe to redouble its efforts to enact concrete, positive reforms.
The figures speak for themselves. As today’s Commission report notes (referencing work by McKinsey ), “in the G8 countries plus South Korea and Sweden, the internet economy has brought about 21% of the growth in GDP in the last five years. It also generates 2.6 jobs for every job cut, and at times accounts for 25% of net employment creation.”
If Europe fails to grasp the opportunity of a true Digital Single Market, however, the Commission warns of an expensive mistake that could cost the continent “at least 4.1% of GDP between now and 2020 - EUR500 billlion or EUR1000 per citizen.”
The Commission’s communication sets out concrete plans for how it intends to help millions of European businesses - particularly small and medium enterprises - foster cross-border e-commerce.
SMEs and policy makers will be talking about these challenges and opportunities at an event we’re running on January 24 , here in Brussels at the Concert Noble. Small businesses from 18 countries will present how they have succeeded in taking their businesses online. For more on this initiative, check out our blog tomorrow.
Posted by Antoine Aubert, Head of Brussels Policy Team
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