American Journal of Business and Society
Articles Information
American Journal of Business and Society, Vol.6, No.4, Dec. 2021, Pub. Date: Nov. 22, 2021
Analysis of High Technology of the European Union Countries
Pages: 110-130 Views: 50 Downloads: 10
Authors
[01] Lembo Tanning, Faculty Economics and Business Administration, Tallinn University of Technology, Tallinn, Estonia.
Abstract
The purpose of this publication is to analyse of high technology of the European Union (EU) with EFTA countries. To analyse the impact of high technology production and trade are both within the EU and globally. The EU appears to be successful in this area, as evidenced by the high volumes of high technology production exports. Deep analysis, however, shows that much is not right here. As a rule, these groups of goods in foreign trade are negative, which means a greater cash outflow than exporting to come. The differences between big countries are also large and at times contradictory. Just as the entire EU economy and foreign trade has been a major engine of Germany. However, medium-sized countries such as the Netherlands, the Nordic countries, the Czech Republic, Poland and the Baltic, among the EU newcomers, are also successful. The challenge for the EU is to achieve a positive trade balance as a whole, as well as for individual high technology production commodity groups. At the same time, we must not forget the growing global competition. As one of the Europe super power the United Kingdom leaves (Brexit) the EU, it is important to analyze how it affects the EU economy. Which strongly affects not only the UK, but also whole the EU economy and politics. This publication aim is to analyze the dynamics of high technology key indicators: research expenditure share of GDP, number enterprises in high-tech sectors, turnover, production value, value added, gross operating surplus and trade. For comparison, we gave a brief overview of the high-technology manufacturing and knowledge-intensive high-technology sectors. In order to assess the economic strength of the UK, we will conduct a comparative analysis with other major the EU powers. It shows how much the EU manufacturing loses as the UK leaves. The analysis showed that both the EU and the UK would lose a great deal with this departure, not only in manufacturing and the economy, but also in other areas of life related to it. Development of high technology of the EU has been uneven and partially ineffective. This analysis covers period of economic development until the corona virus (COVID-19) up to 2020, which caused the economic recession in most countries. High technology makes it possible to quickly exit the COVID-19 caused by the economic crisis.
Keywords
European Union, High Technology, Production, Trade, Its Influence, Corona Virus, Economic Recession
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