Emerging economies are exploring and shaping the regulatory environment with emerging technology. However, digital access is still highly unequal. Large-scale investment in technology and innovation is essential.
COVID-19 has illustrated the need for international collaboration and a joint solution to global challenges, tapping the strength of the Fourth Industrial Revolution.
Since the COVID-19 pandemic, our lives have moved further into the digital realm. But as life-saving as modern technologies have been during the pandemic, they also pose a risk. Unequal access to them will make the difference between rich and poor worse. Therefore, In parallel to the widespread adoption of digital technologies, concerns about security and privacy have increased.
Emerging economies are being experimented with modern technologies and finding alternative ways of regulating them, providing inspiring perspectives that impact the rest of the world. Here are four digital trends happening in emerging economies that could shape the future around the world for generations to come.
Boosting digital infrastructure
During the global pandemic, internet usage has soared. In the months since the start of the lockdown, internet usage has increased by 70%. Then, the use of communication applications has increased by 300%, and video streaming services have increased almost 20-fold. However, not everyone was able to turn to the digital world when physical spaces were shut down. After all, only 53% of the global population has access to the internet.
Digital tools for education and reskilling
Schools and universities throughout the world have been required to teach their students online in this year. In China alone, around 200 million school-aged children pursued their studies during the height of the pandemic. Therefore, most of these kids with digital connections live in advanced economies. Many children from poorer communities found their education deeply disrupted due to a lack of computers or Internet access at home to study at home.
Innovating and leapfrogging
The Fourth Industrial Revolution, which combines the digital and physical worlds, has allowed emerging economies to experiment with new technologies in innovative and unconventional ways. This has allowed them to overtake conventional stages of development and set their own goals for innovation.
Pushing for privacy
Some emerging economies are taking a more conservative and defensive approach than advanced economies when it comes to data privacy and security. They are increasingly making their voices heard and shape the global regulatory landscape.
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