Building an Inclusive Digital Future
Now that the COVID-19 pandemic has hastened the arrival of the digital economy, policymakers around the world must do more to ensure that the benefits and opportunities are available to everyone. It's a challenge that calls for new governance frameworks within countries and at the global level.
SEOUL – The COVID-19 pandemic has accelerated the transition to a digital economy, which will hold the key to future growth and opportunities. That is why, as we prepare for the post-pandemic era, we must acknowledge that the digital economy’s potentially limitless benefits will not be equally distributed unless we take the right steps now.
Mobile devices, the internet, cloud computing, and other innovations have created a hyper-connected global space in which billions of people can work and pursue more dynamic ways of life. Digital platforms have changed the way we consume, work, and create economic value, and digital assets such as computers, communications equipment, and software have helped firms reduce production costs and enhance efficiency.
The digital transformation will continue to accelerate with the wider adoption of big data and the convergence of Fourth Industrial Revolution technologies such as 5G, artificial intelligence, and the Internet of Things. Already, a McKinsey Global Survey finds that the pandemic has led businesses to accelerate “the digitization of their customer and supply-chain interactions and of their internal operations by three to four years.”