Global Economic Diversification Index 2023 reveals how countries adapted to shocks, diversified economies

Global Economic Diversification Index 2023 reveals how countries adapted to shocks, diversified economies

DUBAI: The Global Economic Diversification Index 2023, the latest edition of the report, launched by the Mohammed Bin Rashid School of Government (MBRSG) with a panel of global experts from the IMF and the World Bank at the World Government Summit in Dubai, revealed that COVID-19 has demonstrated how diversified economies can better adapt to major shocks

The second edition of the Index, which is developed by the MBRSG in partnership with The World Government Summit, expands its coverage in 2023 to a total of 105 countries, up from 83 last year. It continues to cover all geographies, resource and non-resource-based economies over a period of 22 years. The Index quantifies countries' diversification journey globally, by specifically focusing on three aspects of diversification: Output diversification, trade diversification and government revenue diversification.

The EDI is the first comprehensive global assessment of economic diversification that allows for an international, cross-country, and regional comparison and ranking of countries. As a policy and decision-making tool, it is designed to allow countries to visualise their global ranking on each measure of diversification (production, government revenue, trade), across regional and income groups and within their natural resource grouping. The data of the EDI is already informing policy pathways