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Digital transformation could grow EU economy by €2.8 trillion
Via Amazon Web Services Tanuja Randery, managing director, Amazon Web Services EMEA The European Commission (EC) has proposed a bold vision for Europe’s digital transformation by 2030. According to a new study by Public First — Unlocking Europe’s Digital Potential — the EC’s Digital Decade could unlock an extra €2.8 trillion in gross value added (GVA), the measure of the value of goods and services produced in the region’s economy, which is equivalent to nearly 21 percent of the European Union’s (EU) current economy. Over half of this projected figure relies on the increased adoption of cloud computing.
The EC has proposed some ambitious targets, including 75 percent of EU companies using cloud services, 5G connectivity everywhere, and 80 percent of the population possessing basic digital skills by 2030. Europe is making good progress toward some targets, including digitizing 100 percent of core public services, and it’s likely to meet the internet connectivity target. However, at the current rate of progress, meeting all the targets and securing Europe’s €2.8 trillion digital future would take until 2040 — an extra 10 years. According to the study, the EU is on track to unlock €1.3 trillion in economic value by 2030, but […]