Digitisation and its impact on the global economy is at the forefront of upcoming G20 talks.
Germany will host the G20 summit this year after assuming the presidency on December 1, 2016 from China.
Taking place in Hamburg on 7-8 July 2017, the unofficial international forum will discuss and tackle issues surrounding globalisation.
The Federal Ministry for Economic Affairs and Energy (BMWi) will spearhead topics like sturdier social cohesion through inclusive growth.
With this objective in mind, it is becoming increasingly apparent that digitisation is a fundamental tool for innovation and progress.
Digitisation fundamental for growth
Most of the global population has access to the Internet. As an open platform of almost infinite resources, its inclusion in any economic, financial, or market strategy is integral.
Furthermore, the speed of information exchange means that people and companies are breaking down the limits of geography and time. As such, devices such as smart phones house various and almost omnipresent applications of social networking.
Widespread as to be archetypal, apps like Twitter and Facebook ensure people have a dialogue with governing bodies and businesses.
In light of this communication, the general public is demanding greater transparency from authoritative figures in corporate and federal positions. The G20 will accordingly discuss the implications of a digitalised world as an aid in uniting people, businesses, and the economy.
First G20 meeting about a digital future
Federal Minister Gabriel enthused:
Digitisation is the key driving force for economic growth and is bringing the world even closer together through integrated value chains, [Industry] 4.0 and digital trade, as well as social networks and platforms. For this reason, I will be inviting the G20 Ministers for the Digital Economy to a first meeting and will propose ambitious goals to our G20 partners: transparency, legal certainty and a fair framework for competition in the internet, data sovereignty and harmonisation of standards for [Industry] 4.0, and not least the promotion of digital education. We all need to work together on achieving these goals, and the G20 is an outstanding format for this.
Thus, digitisation is closing the gap between various echelons of society. As a result, it’s a fundamental influence in driving commerce, and stimulating the economy.
The G20 will conduct the first meeting of Digital Ministers from the 6-7 of April in Düsseldorf, entitled “Digitalisation: Policies for a Digital Future”.