- Digital transformation is now changing the landscape for development. Goods and services can now be unbundled and splintered in global value chains, and they can be transported to anywhere in the world.
- The number of services that can be transported digitally is constantly expanding-banking, insurance claims, call centres, desktop publishing, compiling audits, completing tax returns, and much more.
- Digital technology has begun to change the drivers of structural transformation and economic growth. Services are now growing much faster than the manufacturing sector.
- Growth convergence between India and the developed world is now much faster in the services sector compared to the manufacturing sector.
- In today's globalised world, falling behind technologically carries major costs.
- The world need to align financing and investment strategies more tightly to sustainable development outcomes.
- India alone produced more than 70% of the world's science, technology, engineering and mathematics (STEM) graduates between 2016 and 2018.
- Asia has taken the lead in technological entrepreneurship, as it now accounts for 52% of global growth in tech-company revenues, 43% of start-up funding, and 85% of patents filed.
- More than 90% of the world's smartphones are made in Asia.
- Four of the world's top-10 technology companies by market capitalisation are in Asia.
- While India still lags behind China, it is ahead of European countries, in terms of mobile and fixed broadband performance.
- Low income countries in Africa that started with a lower level of labour productivity in services, and were further away from the global labour productivity frontier, have experienced a much faster catch-up and growth in service labour productivity.
- Take Ethiopia for example, which has experienced a much faster growth convergence.
- So have China and India.
- This is good news for most developing countries, as there is more room for catch-up, growing faster, quicker, better, and smarter.
Category 2: The Big Picture of the Digital Age
[genioux fact produced, deduced or extracted from THE FINANCIAL EXPRESS]
Type of essential knowledge of this “genioux fact”: Essential Deduced and Extracted Knowledge (EDEK).
Type of validity of the "genioux fact".
- Inherited from sources + Supported by the knowledge of one or more experts.
Authors of the genioux fact