In emerging economies, the promise of these technologies shines particularly bright. They offer the hope of skipping entire stages of conventional development, spreading knowledge and prosperity faster than ever before. Emerging economies are also experimenting with new technologies and finding alternative ways of regulating them, offering inspiring perspectives that influence the rest of the world. Here are four major digital trends happening in emerging economies that could shape lives all over the world for generations to come. Internet usage has soared during the global pandemic. In the months since the start of the outbreak, internet usage has increased by 70%, use of communication apps has risen by 300%, and video streaming services have grown almost 20-fold. However, not everyone has been able to switch to the digital world when physical spaces were shut down. After all, only 53% of the global population has internet access.
Without massive investment in infrastructure, this digital divide will continue to widen. Less developed regions risk being left behind. Of the 25 least connected countries in the world, 21 are in Africa. A lack of digital access in turn hampers growth. Many small and medium-sized enterprises, which make up between 40 – 90% of GDP across emerging economies, are struggling for survival because they have not been able to digitize their services quickly enough or at all. To help close this gap, the International Telecommunication Union (ITU), the World Bank and other multilateral and regional bodies are encouraging investment in digital capabilities across the developing world. The World Bank’s Digital Moonshot Initiative, a $25 billion USD fund to support the African Union’s Digital Transformation Agenda 2030, is a prime example of such a vital investment. Its aim is to digitally connect every individual, business and government in Africa by 2030. This would allow Africans to not only access the services and opportunities the Internet offers, but also transform the digital space with their own innovations. All countries have something to offer, and all deserve a seat at the table. Not just that, but wealthier countries can learn valuable lessons from those they may deem less developed. If we succeed in pooling our collective ingenuity, creativity, resources and ambitions, we can build a world that is truly prosperous for all.