Supporting digital competitiveness can help economies recover from the COVID-19 pandemic.
COVID-19 has changed the way we live and work almost overnight. Analysts are struggling to keep pace with the impact on economies, sectors and firms. One thing that we already know, however, is that this crisis is accelerating an already growing trend towards digitalization.
From virtual meetings to automated factories, online orders to drone delivery, digital services are growing in importance, permeating an increasing number of sectors and activities. Digitally agile firms are adapting to the ongoing crisis more successfully, and others are rapidly skilling up in response to challenges to their business models.
For governments looking to drive economic recovery after the pandemic, supporting such digital competitiveness will be key. One way is through foreign direct investment (FDI) in the digital economy, in other words, “Digital FDI.”
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