The UAE government achieved the top global ranking for its swift responsiveness to change, as per the inaugural edition of the Future Possibilities Index.
During the unveiling of the “Future Possibilities Index” (FPI) report – 2024 at the UAE pavilion in Davos, Newsweek Vantage International and the Swiss Horizon Group presented the results. This collaboration, initiated last year between the international institutions and the UAE government, focuses on assessing future possibilities driven by global transformations and countries’ readiness to harness them for development across key sectors.
The report highlights the UAE’s second global position, after Singapore, in the government vision index, surpassing both Britain and South Korea. Additionally, the UAE ranks second globally in government support for the entrepreneurial environment, outperforming Singapore, Switzerland, the United States, and Denmark. It secures the third global position in long-term future planning and future government strategy.
The FPI underscores the UAE’s first global standing in 20 indicators, including government responsiveness to change, formulation of future policies, and proactive government initiatives. Notably, the UAE also leads globally in various aspects such as attractiveness and stability of global talent, competitive working-age talent, future digital software developers, international tertiary education students, the size of the market, consumer spending potential, ICT connectivity, mobile broadband subscriptions and speed, and internet users.
The launch event at the UAE Pavilion during the World Economic Forum 2024 in Davos witnessed the presence of Ohood bint Khalfan Al Roumi, Minister of State for Government Development and the Future; Nigel Holloway, editorial director, Newsweek Vantage; Margareta Drzeniek, managing partner, Horizon Group; along with senior officials from the UAE government and international institutions across vital sectors worldwide.
The “Future Possibilities Index” assesses readiness enablers for future possibilities across 70 countries, with future possibilities for key sectors projected to exceed $44 trillion by 2030.
In the overall ranking for this year, the United Kingdom secured the top position, followed by Denmark, the United States, and the Netherlands. The UAE holds the 23rd global position and leads the Arab world in the overall FPI ranking, securing the first position globally in 20 indicators.
Minister Al Roumi emphasized the significance of emerging trends in creating new possibilities for countries and businesses, valued at more than $44 trillion by 2030.
Holloway highlighted the FPI’s focus on opportunities awaiting countries and companies in the coming years, providing a framework for analyzing long-term investment priorities essential for human and sustainable development globally.
Drzeniek described the Future Possibilities Index as a novel approach to assessing the growth and competitiveness of nations through the lens of six ongoing transformations and the opportunities they create.
The six transformation trends offer substantial economic possibilities, with a total value exceeding $44 trillion by 2030. These trends include the “Exabyte Economy: Tech Surge,” “Experience Economy: Beyond the Tangible,” “Wellbeing Economy: Nurturing a Healthier Future,” “Circular Economy: Closing the Loop on Sustainability,” “Net Zero Economy: The Pursuit of Sustainable Prosperity,” and “BioGrowth Economy: Nurturing Nature for Progress.”
The FPI measures countries’ ability to leverage emerging future transformations for growth, considering Government Strategy and Policy, Industry Strength, and Core Capacity. It utilizes indicators sourced from reputable institutions and a survey capturing the views of over 5,000 business executives in the covered countries on qualitative aspects of government policy and the potential ability to leverage trends.
Publish January 15, 2024
Source: https://www.khaleejtimes.com/business/economy/the-uae-ranks-first-globally-in-20-future-readiness-indicators
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