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Digital Tech Saved 20% Of World Economy During One Year Of Covid Disruption
GDP Losses are lesser for the economies like U.S., China, and other Advanced Economies, where investments in Digital-ICT adoptions were high, making them highly Digitally Enabled Economies.
Photo Credit : Shutterstock
As World is observing one year of Covid-19 spread and subsequent restrictions for containing its spread, during which we witnessed lock downs in various countries with strict restrictions on people movements, it’s worth to highlight critical role of Digital Technology (Including Internet and Communication Tech.-ICT) during this one year of restrictions. During this period, we all experienced critical role of Digital Technologies as it enabled many economic activities to continue Globally in remote On-Line/Virtual mode, and also enabled many to contribute in economic activities through Work from Home by using ICT and Digital Platforms. As per research firm ‘5Jewels Research’ estimates, Digital Technologies saved around 20% of World GDP from getting wiped off in last one year, since Covid-19 restrictions started rolling out in March 2020 in many parts of the World.
“It is estimated that in just last one-year, Digital Tech. has delivered a saving worth $17+ Trillions in the Global Economy, which is around 20% of the World GDP , during Pandemic related lockdowns and restrictions, as many economic activities continued in On-Line and virtual mode through various Digital Tech.” Chief Analyst of ‘5 Jewels Research’ , Mr. Sumant Parimal, a Global Tech. Analyst said.
“There is high co-relation seen between state of Digitization and loss in GDP during recent Pandemic driven disruptions. GDP Losses are lesser for the economies like U.S., China, and other Advanced Economies, where investments in Digital-ICT adoptions were high, making them highly Digitally Enabled Economies. A country to watch here is Estonia where digitization level is beyond 90% and it saw minimum disruptions in its economy as its transitions was smooth from pre-pandemic era to post-pandemic era because most of the services were already available in On-Line mode before pandemic outbreak” Mr. Sumant Parimal said further.
As per further estimates of ‘5Jewels Research’, US derived a saving worth 22% of its GDP and India derived a saving worth 14% of its GDP due to Digital Tech. they adopted during pre-pandemic period and during last one year of pandemic period, which itself created positive ROI (Return On Investment) for cumulative last five years of investments done in adopting Digital Tech. by various Enterprises, Businesses and Households in these two countries.
Globally this one year of pandemic period has accelerated adoption of Digital Tech. by various enterprises, businesses and households, ensuring that any future pandemic wave like what we witnessed last year keeps economic losses minimum by enabling better business continuity through Digital Technologies.