BRIDGETOWN, Barbados – Digital technologies – the Internet and other tools to collect and share information digitally – are spreading rapidly.
The share of world population using the Internet more than doubled to around 50 percent in 2017, from 20 percent in 2007.
This trend is even more evident in developing countries.
This means that individuals, firms and governments are more connected than ever and anyone with an Internet connection can access a virtually unlimited amount of information – and information is power.
Digital technology is a great equalizer, providing a range of opportunities both academic and economic.The COVID-19 crisis has highlighted the essential role of digital technologies in keeping the world connected during an almost entire global lockdown. This has served as a wake-up call to embrace the digital agenda and embrace it fast.
RELIANCE
Regardless of country income levels, governments have increasingly relied on technology to provide quick financial relief to households and individuals who lost income and livelihoods during the lockdown.
In addition to enabling quick outreach to citizens during emergencies such as the current pandemic, the use of digital technologies for payments also improves their efficiency and decreases their cost.
The potential of digital technologies extends well beyond payment systems and can transform every sector of the economy.There are wide-ranging benefits of digital technologies – during a crisis or during normal circumstances. They also show that country size doesn’t matter. Small states, such as those in the Caribbean, have a unique opportunity.
The Caribbean can become a digital leader, opening new economic sectors to diversify the economy, create jobs and boost future growth.
VISION
Working towards this vision, four countries in the eastern Caribbean, with the OECS Commission, have launched the first-ever large-scale digital transformation program with World Bank financing. This is also the first regional digital economy project for the World Bank.
The $94 million Digital Transformation Project aims to lay the foundations for an inclusive digital economy in the eastern Caribbean by increasing Internet access, digital banking, online public services and digital skills. The dream of the Caribbean becoming a technology hub for the region can become a reality and leverage its competitive advantage of an educated English-speaking population near North American markets.
The Caribbean has been a world leader in many spheres. It is time for it to take the lead in the digital arena to create a #DigitalCaribbean.
