The digital economy, which captures the value produced by economic activities that use digital technology for the production, distribution, and exchange of goods and services, is a crucial part of GDP calculation.
The internet, mobile devices, and software applications are just a few examples of digital technologies that are used by a variety of sectors to create, process, and transfer data. Depending on the country, the digital economy’s precise GDP contribution varies, but as the use of digital technology continues to grow, it is playing a bigger role in determining the global economic environment.
According to the World Bank, the digital economy makes up more than 15% of the global GDP and has grown 2.5 times faster over the previous ten years than the GDP of the physical world.
Deemah AlYahya, Secretary-General of the Digital Cooperation Organisation (DCO), expects the digital economy to grow tremendously and contribute 30% to the global GDP and create 30 million jobs by 2030.
“The ministers and government representatives of the digital cooperation organisations agreed to launch the DCO 2030 programme to promote common interests and then advocate for advanced cooperation, have regulatory frameworks and business environments, ensure that digital economies inclusiveness, fairness, and trustworthiness,” said AlYahya.
“By fostering and facilitating digital cooperation and expanding digital transformation across all sectors, we can unlock the full potential of the global and digital economy. We aspire to achieve 30 by 30 an efficient and ambitious future where the digital economy will contribute 30% to the global GDP and create 30 million jobs. This is dependent heavily on the cooperation and collaboration and cross-border efforts between our member states,” she added.
At the 2nd general assembly of DCO, the council discussed the state of the digital economy and the challenges facing all nations in achieving equitable global digital growth and development.
The council also formally announced and welcomed the accession of two new Member States, the Republic of The Gambia and The Republic of Ghana. The Organisation now represents 13 nations and serves around 600 million people with a collective GDP of more than $2 trillion.
DCO expects to increase their member states and welcome more countries that share the same vision and a willingness to transform. “Our ultimate goal is to give every country, business, and person an equal opportunity to prosper in the digital economy through DCO, directly, or through other organisations. As far as countries we aspire to join, we look for like-minded nations that share our vision, are willing to change and transform, and believe that the digital economy is borderless. We work with every country that has the willingness to quickly transform.”
