The tech industry is entering a period of mass disruption, and the challenge is not only to stop them, but to prevent them from spreading.
It is the world of data analytics, cloud computing and artificial intelligence, which is transforming the world, that is at the heart of the challenge, says the report by the World Economic Forum.
The report is based on data from the Global Innovation Index (GII) that measures innovation across a broad range of sectors and industries.
The GII uses data to track the speed of innovation, the size of new companies and the pace of change.
The data also tracks the impact of technology and the impact that it is having on society, says Dr Nick Bostrom, senior research fellow at the GII and the report’s co-author.
“What you see when you look at the data is that there is a significant acceleration of innovation across the entire economy, across all sectors, all industries, across the world,” he said.
“So if we don’t address these things, we are going to see a situation where we have to start again from scratch.”
Mr Bostram says this is “a great opportunity for the future” because there is so much more to the world.
“There are so many more people out there with the ability to do so much that we don, so we need to be able to address that.”
Mr Dreyfus says the GIA has helped to ensure that innovation has continued.
“GII has been a fantastic success and I’m proud to be part of it,” he told ABC Radio Perth.
“It is really important for us to take that and apply it to the whole of our economy, to take the GPI and do the same thing in all industries.”
The report says a quarter of the world’s GDP is driven by innovation.
But it also says a large proportion of the innovation is happening at the global level.
It points to a global slowdown in innovation, which in turn has been driven by an overall decline in GDP.
The slowdown has had a dramatic impact on the global economy.
The global economy shrank by $8.3 trillion between 2012 and 2019, according to the World Bank, and growth slowed to 0.4 per cent between 2021 and 2024.
“The global economy was growing for a very long time, but that growth slowed substantially and we saw a lot of the slowdown take place in the world at large,” said Mr Dries.
The impact of the global slowdown on the world economy is evident in the GSI.
It shows that productivity grew by only 4.6 per cent in 2023, compared to 8.1 per cent growth in the 2040s.
Mr Bohm says the slowdown has also had a negative impact on innovation.
“We see that the GIS (globalisation, innovation and services) is the area of innovation where the greatest contribution to the slowdown is happening,” he explained.
“All these areas have been very, very productive over the last few years. “
But if we look at innovation in these different sectors it has also been slowing down. “
All these areas have been very, very productive over the last few years.
Mr Witte says innovation has a positive impact on society because it creates new skills, which are used to fill the skills gaps that are created by a slowdown in the economy. “
When we look across these sectors we see there are quite a number of countries that have had productivity growth of only 1 per cent.”
Mr Witte says innovation has a positive impact on society because it creates new skills, which are used to fill the skills gaps that are created by a slowdown in the economy.
“You know, if we could use more of the skills that are currently available, we would be able, at the moment, to create more jobs in these new industries and they would be more productive,” he says.
Dr Bostom says the focus on innovation is a very effective strategy.
“They can drive innovation, they can create new jobs, but the reality is that innovation can also create new vulnerabilities, that can lead to new vulnerabilities that can also lead to a decline in innovation,” he added.
“A slowdown in technology has a lot to do with that.
Technology is really powerful.
Technology, when used correctly, can have huge economic impacts.”
What the GIESO says: Innovation in the globalised economy is at a historic low, with only $5 trillion of the $25 trillion that was spent globally in 2016 expected to be spent in the next five years.
Innovation in globalisation is still at a very low level compared to other advanced economies, particularly the United States, and is projected to grow only 3.1% in 2021, the report says.
Innovation has been at a record low for more than 30 years.
Global innovation in the future has to be driven by the needs of all of the stakeholders in the innovation ecosystem, including government, industry