Press Release, 7 March 2018
Things are currently looking bright in Europe as far as economic growth is concerned. The European Commission recently revised its projection upwards to 2.4% for the year 2017. According to the European Commission's economists, this is the highest it has been since the 2008 financial crisis. That said, is this enough to ensure that growth is sustainable? In an increasingly fragmented world and against a background of geopolitical instability, countries must rely on new drivers to grow their economy. In this context, the increasingly significant role played by innovation – both in Luxembourg and worldwide – has resulted in a great number of countries digitising their economies. But will those new models help generate sustainable productivity gains?
Those issues will be at the heart of the twelfth Journée de l’Economie which will be taking place at the Chamber of Commerce of Luxembourg on 22 March 2018.
An ever-changing economic environment
Economic growth is back on track worldwide. The effects of the latest financial crisis are gradually wearing off and countries and regions across the world are enjoying varying degrees of economic recovery. However, a number of risks and uncertainties are heaving into view, as renewed geopolitical tensions and the consequences of the Brexit vote are disrupting the global economic environment and are compelling countries to find new growth drivers if they are to enjoy sustainable economic growth. Luxembourg has initiated several projects to diversify its economy and particularly to develop its information and communication technology sector; these have helped spur growth in the country. The current challenges it faces, a combination of demographic pressure and the influx of cross-border workers will have to encourage Luxembourg to innovate if the country wants to be able to bear the effects of economic growth in the long term.
12th Journée de l’Economie
The Journée de l’Economie is organised by the Luxembourg Ministry of the Economy, the Chamber of Commerce of Luxembourg and FEDIL – The Voice of Luxembourg's Industry –, in cooperation with PwC Luxembourg. This yearly event has become a recognised forum for discussion, which brings together decision makers from the private and public sector to address the key challenges faced by all economic players in Luxembourg.
It will be held on 22 March at the premises of the Chamber of Commerce of Luxembourg.
The conference will start with introductions by Carlo Thelen, Director General of the Chamber of Commerce of Luxembourg, and by François Mousel, partner at PwC Luxembourg. Then, the first talk of the day will be given by Marcel Fratzscher, President of DIW Berlin (Deutsches Institut für Wirtschaftsforschung), Professor of macroeconomics and finance at Humboldt-University Berlin and member of the advisory board to the German Ministry of the Economy. It will shed some light on drivers for economic growth in Europe and provide insight into Europe’s economic outlook in an increasingly fragmented world. Mariana Mazzucato, Professor in the Economics of Innovation and director of the Institute for Innovation and Public Purpose, University College London (UCL), will highlight the role played by the public sector in encouraging innovation-based economic growth. And what about the impact that the private sector has on growth? John Parkhouse, CEO of PwC Luxembourg, will explain how that sector is helping create a shared view of the future in a divided environment. In conclusion to the morning talks, Étienne Schneider, Deputy Prime Minister of Luxembourg and Minister of the Economy, will tell us how Luxembourg has the potential to develop sustainable growth.
A panel discussion hosted by Serge Allegrezza, Director of STATEC and chairman of the Observatory for Competitiveness, will be first on the afternoon’s agenda. This exchange will be the opportunity to discuss whether it makes sense to limit Luxembourg’s growth. Personalities from the world of research, from the public and private sectors as well as prominent Luxembourg politicians will be taking part in the discussion.
Parallel sessions will then enable participants to exchange views on specific topics relating to the country’s economic growth and the role played by the private sector in implementing a sustainable growth strategy.
To follow the conference, get involved and take part in the conversation, follow us on Twitter @JEcolux and use the hashtag #Jelux. The talks will be given in English and translated into French and Luxembourgish.
Register for the Journée de l’Economie and have a look at the agenda on www.jecolux.lu.
As is the case every year, the entire proceeds from the registration fees (€70 per person) will be donated to a Luxembourg association that supports the development of entrepreneurship.
About the event:
The Journée de l’Economie was launched in 2007 by the Luxembourg government (Ministry of the Economy), in partnership with the Chamber of Commerce and FEDIL – The Voice of Luxembourg's Industry and in cooperation with PwC Luxembourg. Over 250 delegates take part in the conference every year.
The Journée de l’Economie has become a highlight of the year, bringing together Luxembourg’s key decision makers and relying on the high-profile presence of Étienne Schneider, Luxembourg’s Deputy Prime Minister and Minister of the Economy.
Over the past 11 years, the conference has been a forum to address core topics relating to Luxembourg’s economic development such as the financial crisis, reindustrialisation, economic growth and competitiveness drivers in Luxembourg, nation branding, smart nation, future talents or the company of the future, to name but a few.
Notes to the editor:
1. PwC Luxembourg (www.pwc.lu) is the largest professional services firm in Luxembourg with 2,850 people employed from 77 different countries. PwC Luxembourg provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice. The firm provides advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. The firm helps its clients create the value they are looking for by contributing to the smooth operation of the capital markets and providing advice through an industry-focused approach.
2. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com and www.pwc.lu.