Europe told to invest in ICT to save economies

European businesses could smash their growth forecasts by five per cent if their investment in ICT matched their US counterparts.

Research by Oxford Economics says that faith in technology shown by US businesses gives them a significant financial advantage over other Western economies. It is estimated that if European organisations matched this level of spending, they would pump €760 billion into the economies of their member states.

According to the research, Spain and Italy are main laggards, while the UK is closest to the US in terms of IT maturity.

“There is a dire need for Europe to improve its productivity, and investment in ICT is the trump card to achieving this. But national governments must prioritise ICT investment more effectively and focus on creating the right conditions for investment,” says Fabio Colasanti, president of the International Institute of Communications.