New Dimensions Of Economic Transformation ? A European Perspective

The 2020 Competitiveness Report published by the World Economic Forum brings up the notion of economic transformation of economies. The report identifies the main emerging priorities for countries to achieve economic transformation: moving towards full integration of social, environmental and institutional objectives into their economic systems over the next five years (approximately). At the same time, it is also trying to measure the degree of readiness of the countries to achieve such a transformation. The purpose of this endeavor is multifold: first, it maps priority areas against available data points in an effort to better define the actions and/or policies needed to "build better economies" that are productive, sustainable and inclusive; second, it provides a snapshot of the current situation in each country, assessing the extent to which countries today are on track to transform their economies, and third, it highlights where the main data gaps lie in policy evaluation and current national performance. In the light of these considerations, the purpose of this article is to highlight the European perspective on these new dimensions of economic transformation, on the inclusion of sustainable development objectives in the economic architecture of the European Union.