INNOVATION 2

WHY ARE INNOVATION AND GROWTH IN KNOWLEDGE ECONOMIES STILL AN ISSUE ?

CREATIVITY AND INNOVATION HAVE BECOME THE RECOGNISED HOPE FOR SOLVING BOTH EMPLOYABILITY AND SOCIETAL CRISIS.

TODAY, THE WORLD ECONOMIES ARE FACING SOME EXTRAORDINARY CHALLENGES. THE EFFECTS OF THE RECENT ECONOMIC DOWNTURN ARE STILL BEING FELT, WITH NATIONAL DEBT LEVELS RISING AND UNEMPLOYMENT REMAINING HIGH.

ACCOMPANYING THIS IS CONTINUED GLOBALISATION OF ECONOMIC ACTIVITIES.

ITS DISTINCTIVE FEATURES ARE INCREASING INTERNATIONAL TRADE, DEEPENING ECONOMIC INTEGRATION AND GEOGRAPHIC FRAGMENTATION OF PRODUCION PROCESSES GENERATING EVER MORE COMPEX GLOBAL VALUE CHAINS.

IN THIS NEW GEOGRAPHY OF GROWTH, INTERNATIONAL COMPETITION FROM NEW PLAYERS IS ERODING THE LEAD OF MORE ESTABLISHED ECONOMIES.

ENVIRONMENTAL PRESSURES CHALLENGE THE SUSTAINABILITY OF OUR EXISTING GROWTH MODELS AND LONGER LIFE EXPECTANCY IS PUTTING A GREATER STRAIN ON THE CAPABILITY OF HEALTH SYSTEMS TO MEET THE NEEDS OF AN AGEING POPULATION.

INNOVATION IS INCREASINGLY SEEN AS BEING CRITICAL FOR EFFECTIVELY MEETING THESE CHALLENGES.

INNOVATION WILL PLAY A MAJOR ROLE IN LIFTING ECONOMIES OUT OF THE ECONOMIC CRISIS AND FINDING NEW AND SUSTAINABLE SOURCES OF GROWTH AND COMPETITIVENESS*.

PHLDUCX

* RECOMMENDED READING : OECD SCIENCE, TECHNOLOGY AND INDUSTRY SCOREBOARD 2011.