According to the latest European Commission forecasts published on July 7, the EU economy will return to its pre-pandemic level in the last quarter of 2021 or one quarter earlier than expected in the previous forecast. This shows an expected higher EU economic growth compared to the spring projections.
Trade plays key roles in fostering innovation, both as a conduit for the diffusion of global technology and knowhow that facilitates innovation in developing nations and by giving innovative companies access to large global markets through which they can recoup their upfront investments in R&D and generate revenues to finance future generations of innovation. GTIPA-member reports here examine trade-innovation linkages.