Technology never stands still. Changing circumstances and human ingenuity ensure that we constantly find new and better ways to do things. Innovation and technological progress are essential for improving well-being and making our economic systems more sustainable and inclusive.
I am grateful for the invitation to attend this meeting on one of the most important issues facing our societies: innovation in our education systems.
Every day brings news of technological breakthroughs. We are entering a world of “digital manufacturing” and “the next production revolution” where traditional factory floors are being transformed with new and more efficient processes.
The G20 is suffering from ageing populations and declining productivity growth. While a pervasive technology revolution is accelerating globalisation.
It is a pleasure to be with you today at this seminar that will debate how to prepare the Spanish economy to face the opportunities and challenges posed by the new production and digital revolution. I am grateful to the Fundación Areces for its kind invitation, and to Minister Alvaro Nadal for joining us.
There is no innovation silver bullet; we need to draw on a broad arsenal of policies to unleash the transformative powers of innovation. But if we get it right, we can make innovation a driver of inclusive and sustainable growth and we can make it a driver of better lives in the Americas.
Public procurement is one of the nerve centres of our economies: it represents, on average, 12% of gross domestic product (GDP) and 29% of total government expenditures across OECD countries. Used strategically, it can help make our economies more productive, our public sectors more efficient, and our societies and economies more inclusive, our institutions more trusted.
Today’s theme – prospering in a low-growth era – suggests that growth rates have declined permanently and that we should focus on how to prosper in such new conditions. There are many problems facing us today not directly related to the pace of economic growth. Indeed, some challenges, like climate change, may actually be eased by slower growth.
The hard work starts now. The Intended Nationally Determined Contributions (INDCs) to cut emissions submitted by 160 countries – even if fully implemented – do not add up to the level of emissions reduction needed to keep the global average temperature rises below 2 degrees. So how can we close this emissions gap?
Open data is an important part of the toolbox to achieve our goal of promoting robust and inclusive growth. Thus, the G20 must capture the exponential progress in digital technologies and the data revolution to deliver benefits to all segments of society.