Recent research performed by Huawei and Arthur D. Little displays result that shows that the digital economy potential of the Middle Eastern region. Presented at the Accelerating a Sustainable Digital Economy summit held earlier this week by the SAMENA Council, the report suggests recommendations for policy actions for Middle Eastern countries to realize their digital visions. Pakistan is singled out as an “ICT Novice”, although the report concludes that the country has a colossal potential to become a powerful digital economy.
Attributing to low acceptance of ICT products and services and limited ICT infrastructure, Pakistan is presently a novice in the IT economy sector. However, as the report by Huawei and Arthur D. Little notes, the right policies can allow the nation to influence its low-cost base and enormous workforce to become a service and software powerhouse.
The report furthermore, suggests that this can be obtained by increasing the supply and demand sides of the digital economy in tandem, improving digital infrastructure, access, and capabilities, while fostering a strong ecosystem around clusters of strategic industries such as software and entertainment. In all-inclusive, the consultancy group has estimated gains above $1.9 billion and thousands of high-profile jobs can be offered.
The digital economy is estimated to account for 4.5 to 15.5 percent of world GDP today, relying on the definition. In its broadest definition, this equates to US$11.5 trillion and is growing at around 3x the rate of overall GDP.
The report emphasizes the significance of the digital economy in these times and stresses the importance of measuring the true impact of its development so that countries can continue to succeed in the digital era.
“As the digital economy becomes a key driving force behind economic development in the Middle East, we must continue to measure the true impact of its development, and the best practices that are helping countries to succeed today. At Huawei, working collectively with global institutions and think tanks in the areas of theory and research are incredibly important to achieving this end,” a Huawei executive noted.
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