Page 74 - SAMENA Trends - March-April 2023

ARTICLE SAMENA TRENDS

ARTICLE

Tailored Approach to Digital Economy Development

As policy makers consider different options and practices aimed
at maximizing benefits from the digital economy, they need to
recognize that “one size does not fit all” when it comes to
digital policies

Digital transformation can result in long-lasting benefits for economies
Transitioning to digital economies can enable countries to boost
industry growth and productivity, improve societal well-being and benefit
consumers via cost or time savings. Digitalization will help bring about new
opportunities for businesses and/ or improve productivity in industries such
as manufacturing, agriculture and energy & utilities. It provides new tools
for tackling persistent development and social challenges and improving
access to healthcare, education and other public services. Consumers
also benefit through faster access to better products and services at lower
costs. Consequently, the transition to a digital economy is a major policy
priority for all countries.

All of the Gulf Arab countries possess digital transformation agendas – a
political and financial commitment to create knowledge-based economies.
Many contain the right ingredients, combining boldness and long-term
Rajesh Duneja vision, while giving attention to quick win short term initiatives. However,
there is now a need to accelerate implementation to realize the benefits in
Partner a much-changed world.

All of the Gulf Arab countries possess digital

transformation agendas – a political and
financial commitment to create knowledge-
based economies. Many contain the right
ingredients, combining boldness and long-term
vision, while giving attention to quick win short
term initiatives.

Identifying digital economy archetypes for Middle East countries
Depending on a country’s level of digital evolution and economic
advancement, there are different drivers that are primarily responsible
for digital momentum. This has different implications for what advanced
economies and developing economies ought to prioritize: innovation for the
former and institutions for the latter. The least digitally advanced countries
must allocate limited resources wisely.

Vidhitha Kankamedala
Principal

74 MARCH-APRIL 2023