New Zeeland among world’s technology elite

New Zealand is among the world’s stand out digital economies, according to the Digital Evolution Index 2017 launched yesterday by The Fletcher School at Tufts University and Mastercard.

The research tracks the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions – and put New Zealand with a group of digital elites – characterised by high levels of digital development and a fast rate of digital evolution.

“We all know technology can do more to improve economies and make our lives better, but growth is only achievable if everyone has confidence in the developing ecosystem,” said Ajay Bhalla, president, global enterprise risk & security, Mastercard. “In our pursuit of a truly connected world, trust and security are critical to successful digital development.”

With nearly half of the world’s population online, the research examined the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth. The Index measures four key drivers and 170 unique indicators to chart each country’s respective course:

•         Supply (or internet access and infrastructure)
•         Consumer demand for digital technologies
•         Institutional environment (government policies/laws and resources)
•         Innovation (investments into R&D and digital start-ups etc.)

“Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country’s digital competitiveness, but governments also play a key role,” said Bhaskar Chakravorti, senior associate dean of international business & finance at The Fletcher School at Tufts University. “The report also found that consumers’ trust in digital technologies correlates with digital competitiveness.”

According to their overall digital evolution scores, Norway, Sweden, Switzerland, Denmark, Finland, Singapore, South Korea, the United Kingdom, Hong Kong, and the United States make the top ten list of advanced digital economies.

The research found developed countries including in Western Europe, the Nordics, Australia and South Korea have a history of strong growth, but their momentum is slowing and are at risk of falling behind. Countries such as South Africa, Peru, Egypt, Greece and Pakistan face significant challenges, constrained both by low levels of digital advancement and a slow pace of growth.