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Economic growth in Europe and Central Asia has slowed substantially since the early 2000s, trailing East Asia by one percentage point per year in per capita terms for more than a decade. Productivity growth has declined, business dynamism has weakened, and the drive for innovation remains lackluster. In most countries, productivity gains are driven primarily by resource reallocation across firms and sectors, rather than by technology adoption and innovation. To move up the value chain, countries need to promote firm-level innovation, adopt new technologies, and enhance domestic competition to foster a more dynamic and competitive private sector. These efforts¡ªcombined with measures to help high-performing firms scale and compete, reduce the role of state-owned enterprises, and expand access to long-term financing¡ªcan unlock the region¡¯s growth potential and support its transition to high-income status.
This ECA Talk will explore these issues in depth, as they are critical to driving stronger growth in productivity, output, and employment.
DETAILS
- DATE: June 5, 2025
- TIME: 9:00 AM EDT
- CHAIR: Ivailo Izvorski, Chief Economist for Europe and Central Asia at the World Bank
- CONTACT: Office of the Chief Economist Office in Europe and Central Asia
- [email protected]