Phronesis partnered with Horizon Group and Newsweek Vantage on the Future Possibilities Index (FPI), launched at the 2024 World Economic Forum (WEF) in Davos. This innovative study assesses the readiness of 70 countries to harness six transformative trends reshaping the global economy. With an anticipated impact exceeding $44 trillion by 2030, these trends span digital technology, wellness, environmental sustainability, recycling, agricultural innovation, and experiential consumption.
Objective
The FPI was designed to assess how 70 countries are responding to six transformational trends that are re-shaping the world and transforming the global economy. These trends are:
- Exabyte Economy (advanced digital technologies)
- Wellbeing Economy (health prevention and wellness)
- Net Zero Economy (carbon emissions reduction)
- Circular Economy (recycling and reuse)
- BioGrowth Economy (food and agriculture innovations)
- Experience Economy (consumption of experiences instead of physical goods)
The study not only measures the perceived value of these trends up to 2030 but also serves as a gauge for business leaders’ views on their countries’ capacities to embrace these transformative opportunities.
Methodology
A comprehensive approach to trend selection was utilized, focusing on systemic impact, global relevance, and the potential for significant influence on growth and wellbeing. The trends reflect shifts in business models, technologies, and societal behaviors.
Data for the study was collected through online surveys of over 5,000 business leaders in 70 countries that collectively account for 90% of global GDP. These countries were chosen for their developmental status, data quality, and potential insightfulness. Survey respondents, who were senior business executives, evaluated their nations’ preparedness for the trends through lenses such as Government Strategy and Policy and Industry Strength.
Outcome
The 70 countries were ranked based on their preparedness to take advantage of the six trends. The UK achieved the top spot, performing highly across all six trends, followed by Denmark, the US, the Netherlands, and Germany. China, while ranked 19th overall, emerged as the best performing among the emerging markets.
The FPI provides a comprehensive view of the six global transformation trends for governments and businesses, identifying specific opportunities to capitalize on, and where to develop long-term strategies for the future. It also serves as a practical benchmarking tool to track performance and progress for participating countries and those lacking hard data. These insights help governments and businesses develop a strategic vision to guide their efforts, potential investments, seize new opportunities, and enhance their readiness to respond to future trends.
Impact
Presented at the 2024 WEF in Davos, the FPI findings positioned Horizon Group and Newsweek Vantage as thought leaders, enhancing their profiles and fostering engagement with global leaders. The involvement of Ohood Khalfan Al Roumi, the UAE’s Minister of State for Government Development and the Future, underscored the importance of the index in guiding strategic decisions.
The report has become a valuable tool for marketing, strategic business development, and fostering knowledge partnerships, demonstrating the tangible benefits of the FPI in aligning global efforts with transformative economic trends.
Find out more about our Thought Leadership capabilities and previous reports for our clients.
