WGS – Global Economic Diversification Index, 2024

The World Governments Summit is a global platform that aims to shape the future of governments by focusing on innovation and technology to address global challenges. It serves as a knowledge exchange center for government, futurism, technology, and innovation, bringing together policymakers, experts, and pioneers in human development. The Summit analyzes future trends, concerns, and opportunities facing humanity and showcases innovative solutions and best practices to inspire creativity in tackling these challenges. The pursuit of economic diversification is seen as crucial for achieving equitable and sustainable growth as well as global economic resilience. Economic diversification allows countries that depend on commodities or a limited range of products or services to achieve greater stability, sustainable growth, and the ability to export a wider range of products to more trade partners. This process requires active involvement of the private sector and effective policy reforms by governments, including structural changes and productive investments. Governments also need to diversify their revenue base by increasing non-commodity-related revenues. The Global Economic Diversification Index (EDI) is a quantitative measure that assesses the state and progress of economic diversification in countries based on publicly available indicators, data, and information. The 2024 edition of the Global EDI includes 112 countries, which is an increase of seven countries compared to the previous edition, due to improved data availability.