Asian economies are more digitally engaged relative to their global peers at similar stages of development, according to a new report by Deloitte.
Asian economies are leveraging digital technologies to overcome hurdles, which helps them winning the race on connectivity.
If Asia embraces digitalization, it will be able to continue leading global economic growth over the coming decade.
The Deloitte digital engagement indices for government, business and consumers indicate that Asian economies are ahead in digital engagement terms, with almost all Asian countries above the world average.
“When applied on a global scale, we can see that Asian economies and societies are at the forefront of this revolution,” said Ric Simes, Deloitte Australia Economist. “Asia is leading the way in how digital developments can enable individuals, businesses and governments to do things differently and, often, more efficiently."
High government and business engagement
Every country in Asia apart from Myanmar has above average levels of digital engagement for the level of their economic development.
Government and business engagement is high relative to the rest of the world, with individual engagement about average.
While Singapore and Hong Kong are world leaders, China, India, Indonesia and Vietnam should tap this opportunity, advises the report.
Governments in middle-income countries in Asia have maintained strong growth agendas based on policies in areas such as trade, infrastructure and savings. These countries are now pursuing growth agendas by leveraging digitalization.
"Two elements have contributed to the success of Asia's economies over recent decades. First, the opening of the traded goods sectors to external market forces and, second, encouraging the adoption of cutting edge technology wherever possible,” said Frank Farrall, Asia-Pacific lead partner for Deloitte Digital. “These elements are related and have meant that these economies have been able to overcome hurdles to their development, bypassing old or second-best technologies and practices along the way."
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