Asian economies are more digitally engaged relative to their global peers at similar stages of development, according to Deloitte.
The company’s second edition of its Voice of Asia series shows that Asian economies are leveraging digital technologies to help them leapfrog development hurdles, resulting in them winning the race on connectivity.
Asia has become the center of global economic growth and by embracing digital, it will continue to lead global economic growth over the coming decade.Ric Simes, Deloitte Australia Economist explained that, “digital technologies have been synonymous with rapid and evolving change over the past four decades. While we have made significant progress, we are only at the tip of the digital iceberg when it comes to what’s possible in the future. When applied on a global scale, we can see that Asian economies and societies are at the forefront of this revolution. Asia is leading the way in how digital developments can enable individuals, businesses and governments to do things differently and, often, more efficiently.”
As the fastest growing region in the world and a significant driver of global economic growth over the past decade, Asia is assuming the digital leadership position in the 21st century. According to the Deloitte digital engagement indices for government, business and consumers, Asian economies are ahead in digital engagement terms, with almost all Asian countries above the world average.
Government and business engagement is high relative to the rest of the world, with individual engagement about average. The Deloitte digital engagement index scores each countries’ Networked Readiness Index (NRI) against GDP per capita, showing that every country in Asia apart from Myanmar has above average levels of digital engagement for the level of their economic development.
Singapore and Hong Kong are world leaders, while the large population bases in countries such as China, India, Indonesia and Vietnam have considerable opportunities for the future. In middle-income countries in Asia, governments have been able to maintain strong growth agendas based on policies in areas such as trade, infrastructure and savings. Today, these countries are pursuing growth agendas with digital taking a leading role.