NDLI: Fostering the emergence of innovative industries

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OECD Economic Surveys: Luxembourg 2015

Basic Statistics of Luxembourg, 2013. (Numbers in parentheses refer to the OECD average)a.

Abbreviations and acronyms

Executive summary

Assessment and recommendations

Follow-up to previous OECD policy recommendations

New challenges ahead – Strengthening the performance and resilience of the financial sector

Fostering the emergence of innovative industries

Fostering the emergence of innovative industries

Content Provider	OECD iLibrary
Organization	OECD
Abstract	Developing activities in areas other than finance would help to sustain growth and deal with the declining potential output and trend productivity growth that Luxembourg’s economy is facing. Given the relatively high labour costs, Luxembourg’s future comparative advantages are likely to lie in higher value-added and skill intensive activities. Further development of Luxembourg’s high living standards thus requires strengthening the economy’s growth potential via further diversification of activity in high value-added sectors.Stepping up investment in knowledge based capital and enterprise innovation can help Luxembourg to maintain and further develop comparative advantages in high value-added activities. The government is promoting the formation of enterprise clusters by providing networking, infrastructure investment and financial support for research and development. To enhance the efficiency of the government’s policy, high priority should be given to outcome-oriented evaluation. This is required to ensure that costly infrastructure investment yields good results. Further efforts should be made to create synergies via cross-border initiatives, in particular with respect to research. Experience in other countries points to the importance of regulatory framework conditions in product and labour markets to spur enterprise dynamics. Regulation in professional services can be made more competition friendly, and impediments to labour force participation, notably for women, can be reduced. Productivity and innovation are also affected by the effectiveness of the secondary education system to produce skilled workers, which in Luxembourg is hampered by high repetition rates among students.
Page Count	36
Starting Page	79
Ending Page	114
Language	English
Publisher	OECD Publishing
Publisher Date	2015-03-27
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

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