2024年追逐梦想：欧洲工业生产力的发展报告

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The productivity gap between the EU and the US has widened since the global financial crisis, with significant productivity gaps across EU countries and industries [13][21] - Total Factor Productivity (TFP) growth in the EU has declined from an average of 0.7% between 1996 and 2007 to 0.1% from 2009 to 2019, and further to -2% in 2020 during the COVID-19 pandemic [21][62] - The study emphasizes the importance of scientific and technological innovation, the technological gap, and investment in ICT and R&D for driving TFP growth [14][50] - Human capital's impact on TFP growth is more pronounced when countries are closer to the technological frontier, particularly in non-tradable sectors [14][46] Summary by Sections Introduction - The report investigates TFP growth across 28 European countries from 1995 to 2020, highlighting the need for policies to enhance productivity growth [50][53] Empirical Evidence - TFP growth is significantly influenced by countries' involvement in innovation and knowledge spillovers, with a notable correlation between TFP growth at the frontier and the technological gap [14][72] - The analysis reveals that ICT capital spending is associated with higher TFP growth, especially in non-tradable sectors [44][72] Data Overview - The study utilizes the EU-KLEMS dataset, which provides comprehensive industry-level data, allowing for a detailed analysis of productivity developments across various sectors [22][57] Econometric Methodology - The report employs a dynamic modeling approach to assess the relationship between TFP growth and various industry-level and country-level factors [68][76] Conclusion - The findings suggest that closing the technological gap could enhance TFP growth by an average of 2.3% across industries, with higher potential for tradable and non-tradable sectors [72][74]