European companies could generate up to 4.15 trillion extra value added by 2040, according to McKinsey

MADRID, 26 Sep. (EUROPA PRESS) -

European companies could generate between 2 and 4 billion dollars (2.07 and 4.15 billion euros) by 2040 if they regain technological competitiveness, according to a report prepared by the McKinsey Global Institute.

The consultancy considers that Europe has plunged into a "crisis" that has "questioned" its technological skills and the future competitiveness of its companies.

By closing this gap, companies could generate added value for up to those 4 billion dollars. "We are facing a great opportunity for Europe. The old continent can address its shortcomings in terms of business performance and innovation and position itself as one of the benchmarks of global economic policy," said the president of the McKinsey Global Institute, Sven Smith.

The added value that the economy could create is equivalent to between 30% and 70% of the expected growth in gross domestic product (GDP) between 2019 and 2040 (an extra percentage point per year).

The consultant's report emphasizes how, although Europe is at the forefront in patents and venture capital financing of clean technologies, it is China that leads production, while the United States leads others, such as nuclear. The North American country is also a leader in artificial intelligence.

When it comes to public and private capital spending on the deployment of low-carbon technologies, Europe led the investment to boost the energy transition in 2020 with 166,000 million dollars (172,049 million euros, betting on renewable energies, storage energy, electric vehicles and heating, hydrogen and carbon capture and storage.

In second place is China, with 135,000 million (139,920 million euros), and in third place is the United States, with 85,000 million (88,098 million euros).