Sunday 20 May 2018

UAE makes it in world's top digital economies list

DUBAI, July 15, 2017

The UAE has been ranked among the world’s stand out digital economies in the new Digital Evolution Index 2017 compiled by the Fletcher School at Tufts University in partnership with Mastercard.

The Digital Evolution Index 2017 builds off the successful launch of the first edition of the Index in 2014. The research behind this latest edition considers numerous new factors to better reflect rapid changes in the digital world and create a report that is accurate, robust and comprehensive.

The UAE has found its place along with Singapore, the UK, New Zealand, Estonia, Hong Kong, Japan, and Israel as digital elites characterized by high levels of digital development and a fast rate of digital evolution.

With momentum and innovation on their side, these ‘stand out’ markets exemplify the sweet spot of advancement and future growth, according to the Mastercard report.

With nearly half of the world’s population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth.

The Index measures four key drivers and 170 unique indicators to chart each country’s respective course including supply (or internet access and infrastructure); consumer demand for digital technologies; institutional environment (government policies/laws and resources) and nnovation (investments into research and development digital start-ups).

"Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country’s digital competitiveness, but governments also play a key role," remarked Bhaskar Chakravorti, senior associate dean of international business & finance at The Fletcher School at Tufts University, and founding executive director of Fletcher’s Institute for Business in the Global Context.

The report also found that consumers’ trust in digital technologies correlates with digital competitiveness, he stated.

According to their overall digital evolution scores, Norway, Sweden, Switzerland, Denmark, Finland, Singapore, South Korea, the UK, Hong Kong, and the US make the top ten list of advanced digital economies, but given the current pace of innovation and change, being an advanced digital economy today doesn’t guarantee that status tomorrow.

How open and supportive they are to innovation help determine their future growth potential, said the report.

Combining the pace and state of digital advancement, the research puts markets into four distinct categories:
*Stand Out –Singapore, the UK, New Zealand, the UAE, Estonia, Hong Kong, Japan, and Israel demonstrate high levels of digital development while continuing to lead in innovation and new growth.
*Stall Out – Many developed countries such as in Western Europe, the Nordics, Australia and South Korea have a history of strong growth, but their momentum is slowing. Without further innovation, they are at risk of falling behind.
*Break Out – Though still at relatively lower absolute levels of digital advancement, these countries demonstrate the fastest momentum, are poised for growth and attractive to investors. It includes China, Kenya, Russia, India, Malaysia, Philippines, Indonesia, Brazil, Colombia, Chile and Mexico.
*Watch Out – Countries such as South Africa, Peru, Egypt, Greece and Pakistan face significant challenges, constrained both by low levels of digital advancement and a slow pace of growth.

“We all know technology can do more to improve economies and make our lives better, but growth is only achievable if everyone has confidence in the developing ecosystem,” explained Ajay Bhalla, the president, global enterprise risk and security, Mastercard.

“In our pursuit of a truly connected world, trust and security are critical to successful digital development,” he added.-TradeArabia News Service

Tags: UAE | Digital economy | stand out |

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