How low literacy impacts us all
Human capital is one of the most important drivers of our knowledge economy. As an abundance of research shows, literacy and numeracy are the two most important skills people need to succeed on today’s labour markets. Accordingly, low literate people will have more difficulties than ever to participate in society. With the rapid spread of new technologies, the skills required of the workforce are constantly changing. What is the impact of low literacy in today’s digitalized world? What does low literacy cost society? And how can businesses contribute to take the lowly literate along on the journey into the future? You can read more in our new Europe Monitor.
Indicators off highs?
In this monitor we also have a look at the general economic developments. After a stellar 2017, growth of economic activity in Europe appears to be slowing down somewhat this year, in line with earlier predictions. The European Commission’s consumer confidence and Eurozone business climate indicators, respectively stagnated and declined in March, suggesting consumer expenditure and investments will be less buoyant in 2018 compared to 2017. Both indicators remain at multiple year highs, supporting the prospect of continued growth this year.
Mind the gap
Against this background, inflation will remain subdued for the rest of the year, but is expected to pick up by 2019, when labour market shortages will drive up labour costs and growth remains above trend. The ECB will keep monetary policy loose, leading to further divergence in monetary policies on both sides of the Atlantic, because the US Federal Reserve has indicated the need for three interest rate hikes in 2018.
The state of the Belgium economy
Little by little, Belgium economic growth seems to start catching up. As a result, the negative growth gap with the Eurozone average will start to decrease in the coming years. The positive growth momentum is supported by the growing confidence of entrepreneurs and consumers in the Belgian market. Higher public investment is also expected to contribute. Reducing the lag in productivity growth compared to neighbouring countries is a greater challenge though.
Contact
