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Securing Europe's Competitiveness: Addressing Its Technology Gap

Core Content

This report by the McKinsey Global Institute (MGI) explores the challenges and opportunities facing Europe in terms of corporate and technological competitiveness, emphasizing the need for strategic action to address a growing gap compared to the United States and China. It outlines key findings on Europe’s strengths in sustainability and inclusion, while highlighting concerns over slow macroeconomic growth and technological lag.

Main Points

Europe's Strengths

• Sustainability: Europe leads the world in reducing CO₂ emissions per capita and per unit of GDP, with emissions declining 30–50% faster than in the U.S. and China.
• Inclusion and Social Progress: Europe has lower income inequality (Gini index of 0.30 vs. 0.41 in the U.S. and 0.39 in China), higher life expectancy, and better social mobility.
• Social Well-being: European countries rank highly on social progress and life satisfaction. In 2020, nine of the top ten countries for life satisfaction were European, with an average score of 6.4 on the World Happiness Index, compared to 6.9 in the U.S. and 5.1 in China.

Corporate and Technology Gap

• Corporate Performance: European firms lag behind U.S. counterparts in profitability, growth, and innovation. Between 2014 and 2019, large European companies had a 3% lower return on invested capital, grew 40% more slowly, and invested 40% less in R&D.
• Technology Disruption: The technology gap is particularly evident in transversal technologies such as AI, 5G, and quantum computing, where U.S. and Chinese firms dominate.
• Tech Impact on Growth: The ICT and pharmaceuticals sectors account for 60% of the growth gap and 75% of the R&D gap between Europe and the U.S.

Stakes and Risks

• Economic Impact: The value at stake by 2040 could be €2 trillion to €4 trillion annually, equivalent to 30–70% of forecast European GDP growth.
• Strategic Autonomy: In a polarized geopolitical environment, Europe’s strategic autonomy and global influence are at risk if it fails to address its technology and corporate performance gaps.

Key Technologies and Sectors

• Transversal Technologies: These include AI, 5G, quantum computing, and others that are transforming nearly every industry. Europe is falling behind on eight out of ten of these technologies.
• Cleantech: Europe leads in patents and venture capital, but China has overtaken it in production, and the U.S. leads in breakthrough technologies like nuclear fusion.
• Automotive: U.S. manufacturers account for 70% of all kilometers traveled by L4 autonomous vehicles.

Recommendations

To enhance competitiveness, Europe needs to:

• Play at full scale: Increase collaboration and joint procurement in innovation-related areas (e.g., defense, healthcare).
• Increase speed: Develop fast-track regulatory processes and streamline decision-making to match the pace of technological change.
• Level the playing field: Create a common regulatory framework for high-growth firms, similar to the fast-track vaccine approvals during the pandemic.
• Encourage risk-taking: Set long-term stretch goals, adjust incentives, and leverage programmatic M&A and alliances to build scale and capabilities.

Conclusion

Despite its strengths in sustainability and inclusion, Europe faces a slow-motion crisis in corporate and technological performance. Addressing this requires decisive action, collaboration, and policy innovation. The report underscores that the strategic autonomy and resilience of Europe are closely tied to its technological capabilities, and that the region must act now to secure its future competitiveness and prosperity.

Key Information

• Authors: Sven Smit, Magnus Tyreman, Jan Mischke, Philipp Ernst, Eric Hazan, Jurica Novak, Solveigh Hieronimus, Guillaume Dagorret
• Date: September 2022
• MGI Leadership: Sven Smit (Chair), Chris Bradley, Kweilin Ellingrud, Marco Piccitto, Olivia White, Jonathan Woetzel
• Key Themes: Growth, competition, labor markets, financial markets, consumers, health, technology, and sustainability.
• Scope: Analysis of over 2,000 companies in Europe and the U.S., with a focus on €2 trillion to €4 trillion in potential economic value at risk by 2040.

Structure

• In Brief: Summary of the report's main message
• 1. When Europe Works, It Works Well: Highlights Europe's strengths in sustainability, inclusion, and social well-being
• 2. Europe's Tech-Driven Corporate Gap: Analysis of corporate performance and the role of technology in the gap
• 3. A Country-Level View: Regional differences in performance
• 4. Europe is Falling Behind on Transversal Technologies: Overview of the ten transversal technologies and Europe's position
• 5. A Range of Impediments Stand in the Way of Progress: Barriers to growth and innovation
• 6. Achieving Scale, Speed, and a Level Playing Field: Strategic recommendations for European leaders

Summary Table

Additional Notes

• Data Sources: OECD, World Bank, World Economic Forum, and MGI analysis
• Independent Research: MGI's findings are independent and not influenced by any external institution
• Geopolitical Context: The report is informed by the Russia-Ukraine war, which has highlighted the importance of resilience and strategic autonomy for Europe.