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WB: Western Europe Countries Need Innovations

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  • WB: Western Europe Countries Need Innovations

    WB: WESTERN EUROPE COUNTRIES NEED INNOVATIONS

    ARKA
    July 2

    Countries of Eastern Europe and the former Soviet Union have put
    the crisis of the 1990s behind them, but they need to innovate,
    include all their citizens in the development of their countries,
    and integrate with the broader global economy if they want to sustain
    growth, says a new World Bank report.

    The report says that productivity growth - the only viable route
    to lasting prosperity - depends on there being a supportive
    business environment, specifically one that delivers competition,
    a deep financial sector, good governance, and superior skills and
    infrastructure.

    "Key aspects of the business environment, such as competition and
    finance, that shape the behavior of firms are maturing and converging
    towards those in the developed market economies of Western Europe. This
    convergence is more pronounced in the new member states of the European
    Union. The Commonwealth of Independent States (CIS) are followers,
    though some distance behind", the WB said in its report.

    According to the World Bank's report many countries in Eastern
    Europe and the former Soviet Union now face a third transition -
    aging populations.

    "Demographic projections suggest that by 2025 the average Slovene will
    be 47 years old, giving the country one of the oldest populations in
    the world. Ukraine's population will shrink by a fifth, and Russia's
    by more than a tenth. Aging will lead to the share of the working age
    population (15-64 years) in total population declining rapidly after
    2015 - less than a decade from now - in the EU8, Southeastern Europe,
    and middle income CIS countries", the report says.

    The World Bank thinks it is necessary to involve a huge number of
    people in labour activities, upgrade of effectiveness of exploiting
    resources and reform pension security system. Otherwise, it will
    become an unbearable
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