Global Digital Economy

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Global Digital Economy!!!

The digital economy, a worldwide network of economic activities, commercial transactions and professional interactions enabled by information and communications technologies (ICT), is an economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes.

Human’s day-to-day life is being influenced by the tremendous growth in digital platforms. Every human sphere of life such as work, shopping, communication, interaction, creation and exchange of value is affected by digitalization and this in turn is leading to the increase in economic growth. Today, most of the work is done on the internet and with the help of the internet. Business and technology are becoming indistinguishable and expanding various opportunities for the future. Social media, such as Meta (Formerly Facebook), Twitter, Instagram and YouTube, etc., are being used by companies to influence consumers.

Due to the emergent of digital economy, which helps in enhancing social well-being, productivity and income, different new trends and various start-ups companies are springing up. With the help of digital economy and digitization people can purchase and sell goods and services and perform digital financial activities at ease and as per their needs and convenient time. There is increase in innovation, jobs and economic growth as a result of high investments in digital economy thereby increasing Gross Domestic Product (GDP).

A greater role is being played by the governments, businesses, academia and entrepreneurs for the development and advancement of digital economy through various policies and investments. This is helping in stimulating investments in Information Communication Technology (ICT), skills development, adoption of digital services and increase in number of internet-enabled business models.

The widespread global digital economy has recorded, and is still recording, tremendous growth and innovation. It is also being broadly applied to other economic sectors. It was reported that the digital economy is worth $11.5 trillion globally equivalent to 15.5% of Global GDP and that about 24.3 percent of global GDP will come from the Digital Economy by 2025…Oxford Economics

Statista stated that as of January 2021, there are about 4.66 billion internet users globally which amount to 59.5% of the global population and 92.6% of the global internet usage accessed internet via their mobile devices…Statista

Increasingly, the digital economy onto which global economy runs on with the aid of internet relies on Artificial Intelligence (AI), mass use of electronic data and automated technology. McKinsey Global Institute stated that Artificial Intelligence (AI) could potentially deliver additional economic output of around $13 trillion by 2030, thereby boosting global GDP by about 1.2 percent a year… McKinsey Global Institute

In this video, Astronautics4Xploit presents "Global Digital Economy". The overview of this presentation is as follows: The Digital Economy, Benefits of Digital Economy, Building Blocks of Digital Economy and Digital Ecosystem.

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