Politicians and experts came together to forecast the future global balance of power, in light of the rapid economic and political transformations and the prevalence of a new form of globalization around the world, which is rapidly shifting towards digitalization based on an increasing growth in the global flow of digital goods and services, away from the traditional patterns of trade and finance.
As part of the third edition of the Global Future Councils held in Dubai, four out of 38 councils focused on expected changes over the coming years in Europe, Russia, the Korean Peninsula and the Middle East region, and the recent developments on more than one level.
Members of the councils indicated that a shift in global economic growth hubs from the West has led to a gradual shift from the traditional hubs and the emergence of new spheres of economic and political influence such as India, China, Africa and Southeast Asia, and is still creating significant change in the global system of powers towards a global multipolar model.
Global Future Council on Europe
The Global Future Council on Europe reviewed the potentials of this vital region and its political and economic weight in a multi-polar world order, which witnesses the emergence of new powers and new relations and alliances. Participants in the council examined how Europe can drive the necessary reforms, while maintaining its stability and confirming its global leadership role.
The Council reviewed the available solutions to address these future challenges, including establishing a comprehensive long-term macroeconomic vision that allows Europe to best leverage its many assets in the Fourth Industrial Revolution (4IR), represented by the European innovation model.
Global Future Council on Russia
The Global Future Council on Russia brought together a group of experts to forecast the future of Russia and explore its future engagement with the world. It also examined the future potentials of Russia in terms of the economy and society, as well as its readiness for the Fourth Industrial Revolution.
Participants in the Council reviewed the most important drivers and enablers of future change in Russia over the coming years, and their impact on the development of the country and the prospects for Russia, in terms of its vision, national strategy, and global future ambitions.
Global Future Council on the Korean Peninsula
During the Future Council on the Korean Peninsula, participants examined the required mechanisms to build trust and solidify the ongoing peace process between South and North Korea, facilitate the Democratic People’s Republic of Korea’s integration into world economy and create strategic links among economic collaboration initiatives within the Korean Peninsula and its neighbors.
The meeting focused on the vital and profound transition taking place in the Korean peninsula that could fundamentally change the regional geopolitical landscape and unlock the potential for economic collaboration and prosperity between the different major stakeholders.
Global Future Council on the Middle East
The Global Future Council on the Middle East reviewed new approaches to security and economic cooperation in the region, in the context of a multi-conceptual world increasingly being shaped by the sweeping wave of technological developments brought about by the Fourth Industrial Revolution, where multiple value systems compete.
Participants discussed the variety of challenges and instability plaguing many countries in the region, and their underlying economic and social causes. They also discussed ways to deal with the complex dynamics that affect the future of the region, in light of the ongoing deep changes in economies and relationships.
The third Annual Meeting of the Global Future Councils is held in Dubai, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in collaboration between the UAE Government and the World Economic Forum. The meetings bring together more than 700 of the most relevant and knowledgeable thought leaders from academia, government, business and civil society, grouped in 38 expertise-based, thematic councils that discuss the future of vital sectors and develop practical solutions to challenging issues.