Europe may lose €2 trillion in 10 years if uncertainty over data transfers continues
Restricting data flows in Europe might lead to economic damage worth €2 trillion by 2030, roughly the size of Italy’s economy, and result in two million fewer new jobs, a new industry study has warned.
The anticipated economic downturn would be widespread across several economic sectors, with manufacturing in particular set to lose €60 billion in exports, according to the study commissioned by DIGITALEUROPE, a trade association.
The culture and creative industry, finance, tech, telecoms, and business services would all lose roughly 10% of their exports as well. SMEs exports are expected to drop by 14 billion.