Russia entered the top countries in the world in terms of digitalization. This is the conclusion reached by analysts at the Fletcher School at Tufts University in partnership with Mastercard.
Not the first, but promising
According to the third Digital Evolution Scorecard, prepared by analysts at the Fletcher School at Tufts University in partnership with Mastercard, Russia is included in the list of the most promising countries in terms of the digitalization of the economy. The ranking is based on 160 indicators that track four main factors: supply, demand, institutions and innovation.
Despite the fact that the level of digitalization has slightly decreased in 2020 due to the coronavirus epidemic, in general, countries are aiming at the transition to digital.
“Over the past year, due to the pandemic, the volume of the world economy decreased by 4.4%. At the same time, digitalization has accelerated across the world. Countries are announcing lockdowns (sometimes several times a year), closing schools and entire industries, and digital sectors – be it distance education, online commerce or services for work from home – are becoming increasingly important, ”the study said.
It should be noted that in 2020 Russia increased the cost of digitalizing the economy by 200%. According to the specialists of the Accounts Chamber, only the Ministry of Economic Development with IT budgets from 400 million to 800 million rubles over several years, suddenly in 2019 increased the volume to 1.7 billion.
In September, Deputy Prime Minister of the Russian Federation Andrei Belousov included blockchain technology in the development priorities of state policy. Then the Deputy Prime Minister said that the country would develop a system of “seamless gluing” of tools and support measures provided by various development institutions.
China remains the leader in digitalization in the world
As for other countries, China remains the undisputed leader in terms of digitalization. In terms of the pace of digital evolution, it is significantly ahead of all other countries – primarily due to a combination of rapidly growing demand and innovation. The top three also included Indonesia and India. According to experts, India could develop this area more actively, but the uncertainty in the legislation restrains the growth rate.
According to Garrick Heileman, head of research at Blockchain.com, such an approach could throw India into an outsider.
“I am concerned that India is at risk of lagging behind other technology centers that are more positive about the many benefits of digital currency innovation,” the expert said.
Smaller countries such as Kenya, Vietnam, Bangladesh, Rwanda and Argentina are also developing digital, which is largely helping the economic recovery from the COVID-19 pandemic and long-term transformations.
Countries from Africa, Asia, Latin America and Southern Europe have become outsiders in the digitalization process. There are problems here not only with the development of the digital ecosystem, but also with economic growth in general. Lack of adequate funding and low investment inflows hold back the growth of digitalization in these regions.
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