Measuring different data is essential as it provides the necessary information to guide policymakers in designing the right policy to bring about positive changes in a country. Currently, the digital economy is a crucial part of the economy of any country, and it is essential to know how it can be strengthened to boost a country’s economy further. Even though many factors play a crucial role in uplifting the economy, the essential pillars include infrastructure, society, innovation, and technology adoption, and jobs. In most countries, many gaps still exist between these pillars, and filling them can help to create a robust digital economy. Let us now dive into the details.
In regards to infrastructure, developing a robust broadband communication network is a must. Working on the infrastructure alone can improve the financial, health, and educational sectors. Working on the infrastructure requires a high amount of investment. Therefore, it is natural to find a strong correlation between the fixed broadband penetration of a country and GDP per capita.
Also, building the internet infrastructure is not enough; working towards a higher internet speed is equally crucial. You can check the current internet speed of your broadband speed on Speed Test and BSNL. It is only with a good internet speed that it becomes possible for internet users to utilize the potential of the internet thoroughly. It is particularly true for business users and students.
The internet, without which creating a digital economy is impossible, is now an indispensable part of society. When considering society, it is of prime importance to draw a small focus on the students who are the pillars of any country. It is essential to narrow down the existing digital divide to include society. To eliminate the digital divide, it is essential to understand that age and the educator factor, along with income level, play a critical role in internet uptake in any society.
Developing ICT skills is important to ensure that everyone knows how to use internet-based services. The foundation of the same should be laid down right at the school. Furthermore, companies can also work towards it by providing regular training to the workforce. Another way of including the entire society in the digital transformation is by providing digital government services. It not only removes the manual load but also makes things easier for the citizen due to accessibility.
Innovation and Technology Adoption
Technology has been developing with each passing day. Most technology improves the output of any business or educational institution. It is particularly true with the advent of Artificial Intelligence and Machine Learning. AI-related technology is particularly disruptive and it is bringing disruption for good.
Not many companies are accustomed to the newly available technology. However, to compete with global firms and offer services to global clients, it is necessary to adopt innovation and technology as soon as possible.
Furthermore, the government should invest in research and development as it is the key to innovation. A proper contribution can only be made when public and private stakeholders come together to bring the required changes. In most developed nations, the business sector plays a significant role in research and development.
Jobs And Growth
The information industry is blooming in a manner that it is now an essential source of economic growth in any country. Many businesses adopting technology and innovation are still growing, playing a crucial role in bringing job growth to the country. Employment in the IT sector is increasing steadily in the G20 countries.
Overall, the digital economy is creating new markets, and additionally, it is creating new job opportunities and increasing employment. However, at the same time, it presents a risk of unemployment, especially for people who are not skilled enough. Therefore, governments and organizations must ensure that the labor market remains inclusive.
The digital economy is growing at an unprecedented rate, and every country should work towards it to undergo the much-required digital transformation. It is changing the economy’s structure and creating new market opportunities, which is essential for economic growth. However, while growing the digital economy, it is vital for the government to ensure that the growth is inclusive. Without considering both pros and cons of the digital economy, working toward sustainable development is difficult.