Antivirals, spaceflights, hyperloops among 20 mkts to alter economies: WEF

The World Economic Forum on Wednesday released a list of 20 markets of tomorrow that will transform economies in an inclusive and sustainable way, and named India among the countries that present solid technological systems for such a transformation.

However, several countries, including India, will need development in the social and institutional fabric to deliver these markets, the Geneva-based organisation said in a white paper released at its 'Jobs Reset Summit 2020', which is being held online.

These 20 'markets of tomorrow' include broad-spectrum antivirals, spaceflights, skills capital, water rights and quality credits, genes and DNA sequences, precision medicines and orphan drugs, EdTech (education technology) and reskilling services, artificial intelligence, satellite services, greenhouse gas allowances, reforestation services, and hydrogen.

Besides, electric vehicles, plastics recycling, care, data, digital financial services, hyperloop-based transport services, new antibiotics, and unemployment insurance have also been included in this list.

The WEF said some of these new markets will rely particularly on advances in technology, while others will require radically new social and institutional set-ups. Some markets will emerge from acombination of both the elements.

These markets can help societies protect and empower people, advance knowledge and understanding, and protect the environment, among other benefits.

The WEF said countries with advanced technological capabilities, strong social capital and future-oriented institutions are more likely to create a broader range of new markets needed for economic transformation.

"As the world grapples with the socio-economic consequences of the COVID-19 pandemic, there is an increasing demand to shape a new economy that addresses broader societal and environmental challenges while generating economic growth," it said. To achieve this, the world needs to set an ambitious agenda of technological and socio-institutional innovations to pilot new markets that can help solve these challenges, the WEF added.

According to the report, a preliminary mapping of countries' potential for breakthrough technological and socio-institutional innovation indicates that those with advanced technological capabilities, strong social capital and future-oriented institutions are likely to succeed in developing a broader set of new markets.

In particular, the Netherlands, Luxembourg, Denmark, Germany and Norway have the highest potential for socio-institutional innovation, while Japan, Germany, the US, the Republic of Korea and France have the highest potential to generate breakthrough technological development.

While most advanced economies score highly across both these dimensions, a few advanced economies -- Czech Republic, Israel, Italy, Japan and Spain -- as well as four BRIC countries (Brazil, Russia, India and China) and some other emerging economies (Hungary, Poland) "present solid technological systems but need development in the social and institutional fabric to deliver these markets," the WEF said.

It added that India, Spain and Japan are just below the bar in terms of socio-institutional innovation, while the economy of Taiwan, China, is just above.

The WEF said disruptions brought by the COVID-19 pandemic provide an opportunity to pilot breakthrough technological and socio-institutional innovations that can grow into entirely new markets.

"Success will ultimately depend on how well multi-stakeholder actors work together to create the necessary conditions for a number of key new markets to emerge that will help make economies more inclusive and sustainable," it added.