current
Positive Socioeconomic Impact
The socioeconomic impact of innovation is mostly positive, with improvements in labor productivity and poverty reduction.
Timeframe
near-term
Subcategories
Impact areas
Detailed Analysis
The GII 2024 reports a generally positive trend in the socioeconomic impact of innovation. Indicators such as labor productivity and poverty reduction have shown improvement, suggesting that innovation is contributing to economic growth and social progress. The report states, "In terms of the socioeconomic impact of innovation, the situation is starting to look more positive again." However, the report also acknowledges that some indicators, like life expectancy, have not yet returned to pre-pandemic levels. Furthermore, environmental indicators, including carbon emissions and global temperatures, continue to worsen, highlighting the urgent need for more sustainable innovation practices. The report emphasizes the importance of addressing these challenges to ensure that innovation contributes to a more equitable and sustainable future.
Context Signals
Labor productivity increased by 1% between 2022 and 2023.
Approximately 712 million people were living in extreme poverty in 2022, a 5% decrease from the previous year.
Life expectancy rose by around 1% in 2022 but remains at 2015 levels.
Edge
Innovation-driven productivity gains could lead to higher wages and improved living standards.
Continued focus on inclusive innovation could further reduce poverty and inequality.
Addressing environmental challenges through sustainable innovation will be crucial for ensuring long-term economic and social well-being.
