Countries across the globe have been urged to develop and implement a holistic digital policy that complements monetary and fiscal goals to facilitate sustainable economic growth and inclusion.
According to the Global Perspectives and Solutions (Citi GPS) report titled: Holistic Digital Policy – Nation States Must Lead in Building Equitable Human-Centric Digital Economies and unveiled by Citi, the policy seeks to incentivise and align other stakeholders such as corporates, financial institutions, civil society and individuals to achieve the collective economic and UN Sustainable Development Goals (SDGs).
Chairman, Institutional Clients Group, Citi, Naveed Sultan, commented: “We believe that we are at a unique point in time where there are major transitions underway, driven by varied and complex externalities and the rapid development of a broad range of general purpose technologies. We therefore need new policy tools and business approaches to address the challenges and opportunities presented by these externalities. We believe that a Holistic Digital Policy is a new tool that will complement monetary and fiscal policies, which are currently showing signs of stress, and also improve their efficacy.”
Sultan stressed that there is evidence that countries, which have established a holistic approach to digital policy and execution have realised significant economic, social, and political benefits.
He pointed out that these countries have also seen a thriving public private sector collaboration. “That’s in addition to continuing to engage in cross-agency, cross-government, and private sector collaboration on topics such as the development of central bank digital currencies, cybersecurity, and data privacy.
Ultimately, forward-thinking governments need to take decisive steps to close the gaps in digital skills, infrastructure, and research and development.”
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