China, India to eclipse US in tech innovation, say UAE, Middle East residents
China has been aggressively using its resources to assert its might in technology.
Dubai - Emerging country business professionals have markedly higher expectations for role techn will play in economy
By Staff Report
Published: Sat 27 Jul 2019, 8:28 PM
Last updated: Sat 27 Jul 2019, 10:30 PM
Majority of residents in the UAE and Middle East believe that China and India will eclipse the US in terms of innovation in technology.
According to a survey conducted by Bloomberg, 65 per cent of Middle East respondents, higher than the global average of 54 per cent, strongly agree or agree with the prediction that China and India have eclipsed the US as the world's center of tech innovation.
Meanwhile, 57 per cent of UAE respondents strongly agree or agree with the prediction that self-driving car shares are more common than individually-owned automobiles.
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."
The survey covered 2,000 business professionals in 20 markets on what the future will hold as the balance of global power shifts towards new economies.
Globally, 54 per cent of respondents strongly agree or agree that by 2035, China and India will have surpassed the US as the world's centers of tech innovation.
Nearly half 49 per cent - respondents in developed markets including US strongly agreed or agreed with the prediction that China and India will eclipse the US in technology.
Even more (59 per cent) respondents in emerging markets are betting that China and India will dominate the sector by 2035. Among the highest were South Africa (73 per cent strongly agree or agree), Egypt (69 per cent strongly agree or agree) and Saudi Arabia (67 per cent strongly agree or agree). Chinese respondents were more conservative about the prospect of China and India surpassing the US in technology, with just 40 per cent strongly agreeing or agreeing.