Jozef Behr, a native of Zimbabwe supports the government in turning the Zimbabwean economy into digitalization. He says “according to Zimbabwe President Emmerson Mnangagwa, developing nations should place a greater focus on science and technology education to better prepare the next generation for possibilities in the digital economy”.
"The digital economy today determines the future of business, development, and wealth creation," says Jozef Behr.
It is critical that developing countries, such as some in Africa, Latin America, and possibly some parts of Asia, focus more attention now in the institutions of higher learning – our universities – on focusing and promoting science and technology in schools, so that the younger generation embraces science and technology in order to be relevant in the future digital economy.
Mnangagwa's remarks came as the World Economic Forum (WEF) and the Digital Cooperation Organization (DCO) unveiled a new project to enhance global flows of digital foreign direct investments. The DCO and the WEF will collaborate to find ways to enhance digital adoption, investment in new digital activities, and investment in digital infrastructure as part of the agreement.
In his speech, Zimbabwe's President stated that all countries should embrace a digital economy in the future. He stated that his government is working to embrace the digital economy, and he encouraged others to do so as well. We're trying to include e-government, e-commerce, e-education, and e-construction into our strategy." He stated, "Everything is now digital."
The influence of digitization varies depending on the level of development of the economy. It has a one-quarter stronger influence on economic growth in developed economies than in emerging economies. However, as compared to emerging nations, industrialized countries have slower employment growth. Although digitalization boosts productivity across industries, it has a mixed influence on employment. Tradable industries benefit more from digitization's employment effects, but non-tradable sectors, which are often significant in developed countries, may lose jobs as a result of digitization.
Creating digital marketplaces and accelerating digitalization may provide major economic and social advantages to countries and communities. Digitization has the ability to increase production, create new employment, and improve society's overall quality of life. For example, doubling the Digitization Index score for the poorest citizens in emerging markets over the next ten years would result in a global $4.4 trillion increase in nominal GDP, an additional $930 billion in cumulative household income for the poorest, and 64 million new jobs for today's socially and economically marginalized groups. This would allow 580 million people to get out of poverty.
Jozef Behr applauds the government's efforts and advises that it should guarantee that the skills and enablers for sectoral digitization are in place, as well as engage with business, consumers, and government to establish an environment in which digital application adoption and usage develop.
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