The COVID-19 pandemic has accelerated the pace of digitalization of industries and activities and demonstrated how the digital economy can expand economic activities and improve the delivery of a wide range of services. However, new market dynamics associated with dominant platform-based players can also lead to winner-takes-most outcomes. In promoting the digital economy, policy makers need to address challenges introduced by digital dynamics and ensure opportunities are inclusive.
A global grant, funded by C-JET, is being implemented by the World Bank to contribute to accelerating digitalization, encouraging the adoption of digital platforms and building the capacity of government officials on regulatory risks arising from digitalization. The grant will also contribute to nurturing digital entrepreneurship to generate a pipeline of innovative firms and disseminate approaches to investment promotion, retention, and inter-firm linkages. Through the implementation of these activities and more, this grant aims foster competitiveness and inclusive digital economies that will boost productivity and improve the quality of jobs.