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Economic impact of the digital revolution on the Asian economy

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  • Oliver, Dr

Abstract

As a result of digital technologies, many Asian countries are in a position to enhance their competitiveness and promote economic growth by increasing their use of these technologies. As a research paper, the paper focuses on the development of digitalization in the modern economy of Asia, as well as its impact on the economic processes that determine the economic growth of the country. As long as people are capable of interpreting and adapting the impact of digitalization, we will be able to observe the impact of digitalization. A person has to be able to make judicious decisions when it comes to their finances, so he or she needs to be financially literate. As more and more people transact their financial transactions over the Internet, digital financial literacy has become an increasingly important skill. By leveraging the potential of digitalization, we have the possibility of changing a business model and creating new revenue-generating and value-creating opportunities. There will be an emphasis on the effects of digitalization on the MSME and service sectors in this paper, as well as how industry 4.0 has not been implemented to a greater extent as a result of digitalization having an impact on the MSME and service sectors. In order to understand why digitization is so important and which sectors have been affected and how we can as a nation emerge as the third largest economy in the near future, we must understand why digitisation is so important and what sectors have been impacted. In addition, digitalisation has assisted in the increasing use of e-wallets as well as bringing transparency to financial transactions. There is significant potential for Asian public finance to improve in the years to come with the advent of digitalisation, which is highly correlated with good institutions and performance. The fact that there is a risk of erosion of the tax base does not mean that policies that increase data sharing and withholding mechanisms cannot be introduced as a way of mitigating these risks.

Suggested Citation

  • Oliver, Dr, 2023. "Economic impact of the digital revolution on the Asian economy," MPRA Paper 116052, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:116052
    as

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    File URL: https://mpra.ub.uni-muenchen.de/116052/1/MPRA_paper_116052.pdf
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    References listed on IDEAS

    as
    1. Siddhartha Paul Tiwari, 2022. "Knowledge Enhancement and Understanding of Diversity," Technium Social Sciences Journal, Technium Science, vol. 30(1), pages 159-163, April.
    2. Tiwari, Siddhartha Paul, 2022. "Re-emergence of Asia in the New Industrial Era," SocArXiv g9tv5, Center for Open Science.
    3. Siddhartha Paul Tiwari, 2022. "Re-emergence of Asia in the New Industrial Era," Technium Social Sciences Journal, Technium Science, vol. 29(1), pages 471-480, March.
    4. Willem H. Buiter & James Tobin, 1978. "Fiscal and Monetary Policies, Capital Formation, and Economic Activity," Cowles Foundation Discussion Papers 512, Cowles Foundation for Research in Economics, Yale University.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Digital revolution and economic development; digitisation and economic impact in Asia; digitisation for competitiveness; Asian economy and digital journey;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • F68 - International Economics - - Economic Impacts of Globalization - - - Policy
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models

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