Executives surveyed for this report are optimistic. Of 660 executives we surveyed across eight countries and three industry groupings, fifty-three percent responded that technology will be “much more important” to economic growth five years from now and 42% responded that it will be ”more important.” Only 3.5% answered that the impact of technology would be “about the same” and less than 1% answered it would be “less important.”
Other findings from the research include:
- Not surprisingly, the fourth sector surveyed, technology, was the most optimistic, with 61% of executives answering that tech would be “much more important.”
- At the market level, in Hong Kong just 31% of executives believe tech will be “much more important” in five years. On the other end of the spectrum was India, where 73% answered that tech will be “much more important.”
- Executives from larger firms, which we define for the purposes of this study as having annual revenue of A$200mn and above (roughly US$137mn at current exchange rates), were more positive on the importance of tech to economic growth than were executives at smaller firms.
- When asked what their primary considerations are for selecting a technology partner, the two most-popular answers among the six options provided were “the company reputation” and evidence of “ongoing development and investment in the technology and/or platform.” Both received 54% of responses.
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Tailored with technology: Economic growth is the third in a series of papers from The Economist Intelligence Unit sponsored by ANZ. This report is based on the results of a survey of more than 750 executives across eight markets.
This paper was written by Chris Clague. Findings from the survey were supplemented with research and in-depth interviews with experts and executives. Our thanks are due to the following people, listed alphabetically by surname:
- Simon Evenett, professor of international trade and economic development, University of St Gallen
- Gog Soon Joo, chief futurist and chief skills officer, Skills Future Singapore
- Andrew Hoad, chief executive officer, Asia, DP World
- Ritesh Kumar, chief executive officer, Indonomics Consulting
- Jayant Menon, lead economist, Office of the chief economist and director general, Asian Development Bank
- Yasunori Mochizuki, fellow for IoT, robotics and smart cities, World Economic Forum