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Ekonomia

World Economic Forum Report: Albania, the only country in the region that does not prioritize using technology to empower people

World Economic Forum Report: Albania, the only country in the region that does

Albania is the only country in the region that does not prioritize the use of technology for the development of human capital, unlike Serbia, North Macedonia, Kosovo, Bosnia and Montenegro, which consider using the digital revolution to empower people and the workforce.

This result came from a report of the World Economic Forum, based on a survey conducted in about 120 countries of the world, recently referred by the Regional Cooperation Council.

The Fourth Industrial Revolution has created vast opportunities for businesses and governments around the world. According to "Markets of Tomorrow", which has processed the results of the global survey, three technologies in particular are likely to become strategically important in the Western Balkans.

First, there seems to be a need for greater use of agricultural technologies, including basic techniques such as "mechanization and irrigation, to the latest technological developments, such as precision agriculture or the use of agricultural drones (see attached graph). This trend is particularly high in all WB economies, being the number one priority in Serbia, North Macedonia and Montenegro, and slightly more important in Albania and Kosovo and Bosnia.

Second, the survey considered education and workforce development technologies as a strategic priority for all Western Balkan economies (except Albania), the report notes.

The use of technology to enhance people's skills includes computerization, collaboration technologies, artificial intelligence and blockchain. The importance of this trend is seen as particularly important by experts in Bosnia and Herzegovina, North Macedonia and Montenegro, while it is considered somewhat important in Kosovo and Serbia, while in Albania it is not taken into consideration.

Third, technologies related to energy storage and generation are expected to become strategically important. While this trend has been reinforced by the war in Ukraine, “storage and flexibility technologies are key to the global energy transition. While the importance of this trend varies among the six WB economies, it is highest in Bosnia.

In general, companies that invest in new technologies can gain a competitive advantage by improving their innovation, efficiency, sustainability, market access and collaboration. However, the level of adoption and investment in technology must be accompanied by education and training programs to ensure that the workforce is equipped with the necessary skills and knowledge to adopt and implement new technologies effectively.

In the Western Balkans, human capital continues to suffer from talent shortages and skills mismatches, exacerbated by both immigration and outdated education systems. These trends reinforce each other, producing a growing trend of youth unemployment./Monitor