The Emerging Economies to surpass developed markets in terms of technological Transformation

CIOReviewindia | Monday, 29 July 2019, 04:38 IST

Technological Tranformation

Bloomberg New Economy Global survey gathered the views of 2,000 eminent business professionals in 20 markets, out of which most of the respondents considered the emerging economies as more optimistic than the developed markets in terms of technology. According to the final data of the survey, emerging countries professionals were regarded more optimistic in terms of technological transformation for improving economy, business and daily life. Andrew Browne, editorial director at Bloomberg New Economy Forum stated, “Developing countries in general see technology more as an opportunity while the developed world has a greater sense of technology as a threat.”

The survey also showed most of the global respondents favoring China and India to surpass U.S in terms of technology by 2035, taking into account the rapid technological transformation in these two countries. More than 30 percent of global respondents also acknowledged Beijing to be the world’s top tech city by 2035. Favoring the new economies, Tom Orik Bloomberg, Chief Economist said, “What’s palpable on the streets of Beijing and New Delhi is also evident in the results of the survey - professionals in the new economies are clear-sighted on the shift in the center of global economic gravity.”

Not just issues related to technology but range of other issues such as urbanization and climate change were also highlighted. A highly sensitive issue regarding climate change was also raised, 58 percent of the global respondents believed that the humankind will reach to a point of no return by 2035. The professionals also agreed that most of the low-lying countries will be wiped out due to the rising sea levels, by above stated date. Another important issue highlighted was the cyber war, where 68 percent of global respondents agreed with the prediction of future war being a cyber war. Moreover, most of the global respondents believed that the emerging countries are likely to start a cyber war than the developed ones.

Data also showed most of the Asian countries agreeing on self-driving cars to dominate over the individually owned automobiles by 2035, while Western countries having strong automotive industries such as, United Kingdom, U.S and Germany disagreed with the point. Beijing will be hosting the 2019 New Economy Forum from November 20-22, where almost 500 professionals from 60 countries will come together to highlight, discuss and present solutions over various issues and settle economic disturbances.

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