Covid-19 Effect in Firms' Innovation and Growth in the EU

Anabela Marques Santos (), Karel Haegeman and Pietro Moncada Paterno' Castello ()
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Anabela Marques Santos: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Pietro Moncada Paterno' Castello: European Commission - JRC, https://joint-research-centre.ec.europa.eu/index_en
Authors registered in the RePEc Author Service: Pietro Moncada-Paternò-Castello

No JRC125544, JRC Research Reports from Joint Research Centre

Abstract: Innovation and growth of firms in the EU were more affected by the Covid-19 pandemic (year 2020) than by the previous economic downturn (2009). The economic performance of innovative firms was considerably less affected by the pandemic than that of non-innovative ones. The pandemic made innovation twice as critical for companies to have potential turnover growth than before the crisis. Innovating firms focused on organisational and marketing innovation to increase demand and reduce costs in the short term. EU instruments such as the Recovery and Resilience Facility and Horizon Europe offer wide opportunities for firms to exit from the Covid-19 crisis and boost their future competitiveness. The full completion and exploitation of the (Digital) Single Market appears crucial for stimulating short and long term demand for innovative goods/services and investments in intangibles.

Keywords: Covid-19; Innovation; Growth; Europe (search for similar items in EconPapers)
Date: 2021-06
New Economics Papers: this item is included in nep-sbm and nep-tid
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