Munich Personal RePEc Archive

Economic impact of the digital revolution on the Asian economy

Oliver, Dr (2023): Economic impact of the digital revolution on the Asian economy. Published in: Wilkie Edge Publishers , Vol. 1, No. 1 (5 January 2023): pp. 3-10.

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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.

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