‘Europe 4.0’ in the spotlight at European Business Summit

Digital technology is a paradigm changer for the global economy and will have a huge impact on EU competitiveness. The EU digital single market could create 3.8 million jobs and bring 415 billion euros to the EU GDP. “But only if we are ready to ride the wave of digital transformation”, BusinessEurope Director General Markus J. Beyrer said at the European Business Summit in Brussels on 6-7 May. A real strategy must be put in place to digitalise all sectors of our economy. By 2025, we could see our manufacturing industry gain a gross value worth 1.25 trillion euros. But if we fail to turn the digital transformation to our advantage, the potential losses can be up to 600 billion euros by 2025 – this would be like losing over 10% of Europe’s industrial base.