ADB: Digital technologies

Digital platforms and other technology-based tools are providing new growth opportunities for businesses in Asia and the Pacific, a trend that could contribute to the region's recovery from the COVID-19 pandemic, according to a new Asian Development Bank (ADB) report released on Wednesday.

The report said business-to-consumer revenues of digital platforms reached 3.8 trillion U.S. dollars in 2019 globally, with Asia and the Pacific accounting for about 48 percent of the total or 1.8 trillion U.S. dollars, equivalent to 6 percent of the region's GDP.

These figures are expected to have significantly increased in 2020 as more business transactions - such as ride-hailing, food delivery, and e-commerce - migrate to the digital space amid restrictions imposed to curb the spread of COVID-19.

The report added that sped-up digital transformation can potentially boost global output, trade and commerce, and employment.

According to the report, a 20-percent increase in the size of the global digital sector can increase global output by an average of 4.3 trillion U.S. dollars yearly from 2021 to 2025.

Similarly, it said Asia and the Pacific would reap an economic dividend of over 1.7 trillion U.S. dollars yearly, or over 8.6 trillion U.S. dollars over the five years to 2025.