(CyprusMail) – According to a new analysis titled “The Geography of Brain Business Employment,” Cyprus has emerged as the region in Europe with the fastest growth in brain business jobs, with an amazing 62 percent increase in the share of persons employed in such professions since 2014.
This growth rate, which is tied with Lithuania, is the greatest in all of Europe, according to the report.
The European Centre for Economic and Policy Research (ECEPR), with assistance from Nordic Capital, issued a research that examined highly knowledge-intensive businesses in 31 nations and 277 areas of Europe.
It revealed that Cyprus, alongside Lithuania, has seen the most significant surge in brain business jobs, outpacing countries like Estonia, Finland, and Sweden.
Nima Sanandaji, head of ECEPR, noted that “the brain business occupations of Europe are increasingly rising in Southern and Eastern Europe.”
“There are 600,000 more jobs in the brain business in the capital regions of Southern Europe, including France, than in Western Europe. When compared to Nordic capital regions, Eastern European capital regions have twice as many jobs in the brain business, Sanandaji continued.
According to Klas Tikkanen, chief operating officer of Nordic Capital Advisors, “There is a general pattern in Europe that the nations that have seen the fastest development in brain business jobs, per capita, tend to be those that have lower tax levels as a share of GDP.
Tikkanen continued, “Competitive taxes are a critical component in promoting the growth of knowledge-intensive jobs.
With 6.2% of its working-age population employed in brain business occupations, Cyprus, a country renowned for its strengths in telecommunications, head office and management, and pharmaceuticals, stands out.
This includes 1.2% in the technology industry, 2.1% in information and communications technology (ICT), 2.1% in advanced services, and 0.8% in the creative industries.
The top three knowledge economies in Europe are Switzerland, Sweden, and Ireland. With 10.7% of its workforce employed in information-intensive jobs, Switzerland has the highest concentration in Europe.
The report also highlighted the importance of brain business jobs in reducing regional unemployment.
In comparison to typical European regions, average unemployment rates are 2.1% lower in areas where 10 percentage points more of the population works in these high-value-creating sectors.
Budapest was first among the top 10 regions for brain business employment, followed by Bratislava and Prague.
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