The outbreak of the virus has so far caused an economic fallout all over the world. As COVID-19 cases increase, commodity prices decrease, unemployment rises, stock markets flounder, and value chains continue to fail
Digital transformation, the process of employing new technologies or upgrading existing tools, is crucial in the transition to a fourth industrial revolution economy; especially with COVID-19 being the main catalyst of such pivotal transformation worldwide.
In the age of digital disruption and connectivity, developing economies need to innovate and create change at the same speed and scale of worldwide technological progress. However, political instability, economic uncertainty, poor infrastructure, and governance conditions limit the degree of expansion and innovation that those markets can bring to the economy.
People power innovation and skilled workers build a flourishing private sector. Capacity building of enterprises to expand and employ is vital, creating a win-win situation for the humans of the economy and its entities.
In the upcoming years, development will be driven and led by the current transformation in lifestyles, consumption behaviour, and evolving market demands.