Reimagining Growth: Experts Call For New Metrics At Global Future Councils 2024

The Global Future Councils 2024 meeting in Dubai highlighted the need to rethink growth metrics, moving beyond GDP to include "natural capital." Experts discussed how countries should assess success amid environmental and geopolitical challenges. The focus was on both the quality and quantity of growth, emphasising sustainability.

Paul Gruenwald from S&P Global stressed the importance of sustainable economic landscapes. He noted that while physical capital like infrastructure investments has grown, natural capital is declining. Gruenwald stated, "We’re not suggesting that we should forgo growth; rather, we need to ensure that growth is sustainable and takes natural capital into account." He also mentioned that emissions have decoupled from growth in many industrialised nations, marking a positive trend.

Kellee Tsai from Northeastern University discussed globalisation's evolving nature. She remarked on the geopolitical influences shaping industrial policies and supply chain resilience. Tsai observed, "The data shows globalisation is not coming to an end; instead, what we’re seeing is fragmentation along regional and geopolitical lines."

Mona Haddad of the World Bank addressed challenges faced by developing countries. She noted that these nations strive for market access and foreign investment but face hurdles due to geopolitical tensions and climate policies favouring developed countries. Haddad identified four main obstacles: integration into global value chains, climate policy compliance, technology infrastructure needs, and industrial policy disparities.

AI's Role in Economic Growth

Eric Parrado from the Inter-American Development Bank spoke about AI's potential impact on employment. He explained that AI might significantly affect jobs without necessarily replacing them. Parrado emphasised the need for strategic integration of AI in education systems to prepare for technological changes: "That’s why we need a clear strategy to integrate AI into schools, focusing on training and upskilling as part of a broader approach to embracing technological advancements."

The UAE Government hosts AMGFC24 with the World Economic Forum this week. The discussions will shape the agenda for the 2025 WEF Annual Meeting in Davos next January.

With inputs from WAM