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China, India Will Surpass US As World’s Centers Of Tech Innovation By 2035: Report

Overall, data shows that emerging country business professionals are more optimistic than developed markets about change, and have markedly higher expectations for the role that technology will play in the economy, business and daily life in the decades to come.

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Bloomberg today released findings of its New Economy Global Survey, which gathered the views of 2,000 business professionals in 20 markets on what the future will hold as the balance of global power shifts towards new economies. Faced with a series of predictions about the world in 2035, the survey revealed sentiment from business professionals from emerging and developed economies on a range of issues including the role of technology, urbanization and climate change.  

Overall, data shows that emerging country business professionals are more optimistic than developed markets about change, and have markedly higher expectations for the role that technology will play in the economy, business and daily life in the decades to come.  

“It is noteworthy that emerging economies are more optimistic than developed markets about the power of technology to shape a better world by the year 2035”, said Andrew Browne, editorial director of the Bloomberg New Economy Forum. “Developing countries, in general, see technology more as an opportunity while the developed world has a greater sense of technology as a threat”. 

Indian respondents are confident in their belief that China and India will surpass the U.S. as innovation centers by 2035, with 64 per cent of those surveyed agree. 65 per cent of Indian respondents strongly agrees with the prediction that self-driving car shares are more common than individually owned automobiles. The majority of business professionals across the world agree that by 2035, we will be reaching the point of no return on climate change. 67 per cent of Indian respondents strongly agree or agree with the prediction that ‘The first low-lying country has been wiped off the map by rising sea levels’’  

There is a strong global consensus that if there is another world war, then it is likely to be a cyberwar. Globally, 68 per cent of respondents strongly agree or agree with this prediction. Around the world, there is a building consensus that cash is on the way out. Despite fears that AI will destroy manual jobs, a majority around the world say lifelong learning can mitigate the threat. This sentiment is especially strong in the emerging economies, where 72 per cent strongly agreed or agreed that lifelong learning, often delivered via mobile technology, will be a successful method of countering challenges to the job markets proposed by AI. 

Tom Orlik, Bloomberg's 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. As they move to seize the opportunities represented by new markets and new technologies, the flow of talent and capital will accelerate the new economies' rise”. 

The 2019 New Economy Forum will be held in Beijing on November 20-22 on the shores of Yanqi Lake. Nearly 500 of the world's most influential business executives, technology innovators, government officials, experts and academics from over 60 countries and regions will gather in Beijing to propose solutions to disruptions from the shift to the new economy. 

 


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