1st July 2015
The Basque Country Competitiveness Report 2015, carried out by Orkestra, highlights the need to adopt growth and investment policies in order to take advantage of the favourable conditions that currently exist for a large part of the Basque business network.
Orkestra highlights the need to introduce policies and initiatives adapted to a dual reality in which more than a third of the Basque Country's companies continue to show losses in their account statements.
According to the diagnostic carried out by Orkestra's researchers, which will be presented at 17:00 this afternoon at the Kursaal Conference Centre, in an event presided by the Lehendakari (President of the Basque Government), Iñigo Urkullu, there are currently favourable conditions for boosting the Basque Economy. Companies' debt and profitability figures paint a favourable picture for dealing with processes of growth and investment. Even more so in the case of an industry such as that in the Basque Country, based on pro-cyclical sectors, punished in recent years but with the ability to escape the crisis quickly. Orkestra's report stresses the need to take advantage of the opportunity that exists right now through the adoption of growth and investment policies and initiatives, both in the public sector as well as from within business.
However, the same report recognises that the Basque economy is experiencing a dual reality in which alongside positive displays of behaviour and development in business activity, there exist other features which continue to be very troubling: more than a third of the Basque Country continue to show losses in their account, the unemployment rates continue to be very high and there are a number of disadvantaged social groups. Therefore, as indicated by Orkestra, these favourable conditions that have been detected will not affect equally all business, sectors, nor citizens.
The conclusions of The Basque Country Competitiveness Report 2015 reveal that there is no single formula to escape the crisis. In this regard, Orkestra suggests continuing to insist on some of the diversification trends and policies pushed in the last few years, but highlighting the need to carry out actions and measures that especially support those sectors and groups who have the greatest difficulty in order to be able to join this opportunity for regeneration: small businesses, the advanced manufacturing sector (which makes up 25% of the Basque Country's GDP) and disadvantaged groups. All this with the goal of instigating accelerated movement towards an economy of innovation underpinned by diversification, productive transformation and the drive towards non-technological innovation.
For more information: www.orkestra.deusto.es/competitividadcapv/
You can follow the event through Twitter: #competitividadCAPV
