Britain’s strength in the digital economy means it is one of the countries best placed to take advantage of the shift away from capital-intensive industry, according to an international survey of more than 150 countries.
A study looking at the nations that would thrive in coming decades was dominated by Scandinavian countries. However, the UK was ranked as the highest-placed member of the G8 leading industrial countries, in fifth position.
Sweden led the league table dominated by European nations published by Global Perspectives, a platform created by LetterOne, chaired by the former Russian oil magnate Mikhail Fridman. The Indigo Index has been designed to look at the way in which factors such as education, technological knowhow, history and politics will shape economic performance.
Behind Sweden were Switzerland, Finland, Denmark, the UK, the Netherlands, Norway, Germany, Ireland and Japan. The United States ranked 18th, with the four big emerging nations known as the Brics well down the list. Brazil was 45th, Russia 51st, China 65th and India 77th.
Manufacturing has shrunk as a proportion of the UK economy in recent years and output is still lower than it was at the time the economy went into recession in 2008. But the Global Perspectives report said economic success in the future would depend less on whether countries were well endowed with natural resources and had invested in capital-intensive industries. Instead, it said the new era would be dominated by those countries that score heavily for human and creative capital.
Using data from sources such as the World Bank, Unesco and Harvard University, the study ranked 152 countries according to how well they scored in five categories: creativity and innovation, economic diversity, digital economy, freedom, and stability and legal frameworks. The UK’s highest scores were for economic diversity (3rd) and its digital economy (4th).
Fridman said: “We believe the countries that are best placed to thrive and prosper in the coming decades will be those who have the socio-economic infrastructure that allows every person to realise his or her intellectual and creative potential.”
