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Lecture notes study book European Business of Debra Johnson, Colin Turner (chapter1 ) - ISBN: 9780415617178, Edition: 3, Year of publication: -
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European BusinessLECTURE 2: ECONOMIC & POLITICAL CHALLENGES IN EUROPE
Seminar Questions:
1. What does it mean by ‘competitiveness’ and why is it seen as important?
(See: EIB Report pp.11-13, WEF Report pp.VII-VIII)
Competitiveness is the ability of firms to mobilise and efficiently employ the productive
resources required to successfully offer their goods and services in a global economic
environment.
Competitiveness is important for achieving a high standard of living and long-term
sustainable gross domestic product (GDP) growth built on real gains in productivity.
Achieving and maintaining competitiveness requires continuous improvements in
productivity levels and constant adaptation to a changing economic environment. This
innovation has different facets:
production frontier by developing new and better goods and services that capture
market share, and by improving ways of working, including management
improved technologies and practices by firms
the growth of innovative, high-value-added firms a
A vibrant advanced manufacturing sector remains important to competitiveness, along with
presence in key sectors such as life sciences, digital technologies, and green technologies.
Market integration leads to higher growth, job creation and welfare gains. Optimizing the
EU Single Market and maximizing ‘European Added Value’ is key to creating a healthier,
more prosperous and competitive European economy.
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