DIGITAL WORLD: HOW DOES THE DIGITAL WORLD INFLUENCE ECONOMIC

POLICIES, REGULATIONS, AND GOVERNMENT INTERVENTIONS PERTAINING TO

EMPLOYMENT AND ECONOMIC STABILITY?

Centre Number: VN181

Candidate Number: 0243
Phạm Hoàng Nhật Minh
Word Count: 1021
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Introduction:

“The digital revolution is far more significant than the invention of writing or even of

printing” ( Douglas Engelbart )

Innovation, especially in technology, is crucial for economic growth. New

technologies like AI are improving areas such as finance and healthcare by making

predictions and diagnoses better than people can. Big Data is helping to save energy and IoT

devices let us track energy use instantly. Also, these technologies allow for quicker product

development (by Data and analytics newsletter).

This essay examines how digitalization is reshaping the economy, serving both as a

disruptor and catalyst. It will discuss technology's effects on employment, focusing on how

automation and AI are changing skill requirements and job availability. This section will also

look at regulatory adjustments to technological advances and new government measures to

maintain economic stability. Finally, it will explore the delicate balances policymakers are

seeking amid technology-induced transformations, highlighting the key challenges and

prospects of our time.

In my opinion, technologies are helping my own life in particular and the world in

general. For example, in education, Edtech enhances the quality of education and

communication, making it easier for students to access study materials from anywhere, which

helps with revision and learning (Suseela Santhosh).

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Local/National Perspectives:

Digital world has lots of significant effects on people's living jobs. The move towards

digital technology is affecting jobs, with automation replacing manual work, especially

in industries like manufacturing. As technology advances, robots and AI could take over

routine jobs in sectors like finance and healthcare, which may lead to a loss of jobs.

However, there could also be a rise in demand for IT professionals who can work on AI

and IoT technologies, potentially creating new job opportunities (Data and analytics

newsletter). One of the analysis show that technology is really important in employment

is in 2021, in the US, 92% of all jobs required digital skills - 47% of it is to contain at

least 1 "definitely digital skill" and the other 45% is necessary to have one or more

"likely digital skill" ( Elizabeth Bogue ). In Vietnam, we are running a National Digital

Transformation programme which helps people to allow users to pay online so by 2025,

90% of dossiers at the ministerial and provincial levels and 80% of those at the district

level will be handled online (Mai Hien). So from those proofs, we can see that technology

stands an important role in employment.

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Global Perspectives:

In this section, we will talk about how digital is affecting the whole world. Digital world

has developed faster than any kind of modernization in our entire history - reaching

more than 51% of the world’s population in only 20 years and changing civilization (the

UN,2020). “Sharing is good, and with digital technology, sharing is easy.” (Richard

Stallman). Digital networks use technologies such as mobile phones or laptops, which

help to facilitate communication. It has broken all the geographical barriers and made

everyone from all over the world closer to each other. For instance, Facebook has over

2.4 billion monthly active users. Other than communication, also in the healthcare

industry, advanced technologies like AI are helping to save lives, diagnose diseases and

extend patient’s lifespans (the UN) or there are trends from telemedicine to increases

the use of AI and blockchain which are helping the healthcare industry develops a lot

and will leads to safer world. Digital world even helps the government - citizens'

relationship, digitising the public service sector helps people to access data and

information easier. With this feature, people can have documents, information without

going to government offices. Moreover, the government can even help the citizens

through a chat system. From those reasons, we can definitely agree that the digital

world is an important innovation which affects our lives a lot.

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Causes of the Problem:

But go with tons of benefits from using digital, there are still some negative effects using

digital technology. “In digital era, privacy must be a priority. Is it just me, or is secret

blanket surveillance obscenely outrageous?” ( Marc Goodman ). This quote is talking

about privacy in the digital world. As we cross the colossal net of the digital world, our

personal and sensitive information has become valuable items, so protecting them has

become more important than ever. Moreover, there are some threats of cyberbullying

online. It is the use of technology to target another person , for example, to harass,

embarrass someone. Other than that, with the growth of technology, there are

terrorism, propaganda and extremism. Nowadays, the digital age has made it easier for

terrorists and extremists to volunteer, communicate and connect. In 2016, ISIS’s attack

in Bangladesh was announced on Telegram. It is a really safe message app which

provides end-to-end encryption and self-destructs messages. Because of that, it has

become an ideal app for criminals. Lastly, using too much technology also makes us rely

on it and becoming an addictive Internet addiction disorder (IAD) can be referred to as

problematic Internet use or medical Internet use. It is also a problem when children get

touched with devices too early, it is a really normal thing in American families but it still

causes consequences.

Consequences of the Problem:

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Digital world is really amazing but even so it still can cause serious consequences. When

you are a victim of cyberbullying, if you don’t handle it and let it last for too long, it can

cause lasting negative physical, psychological, and emotional effects. However,

cyberbullying gives out a high rate of anxiety, depression and physical problems such as

headaches or stomach aches . The consequence of terrism is even destructive and

immediate, it causes direct economic loss of property and life. Terrorism indirectly

affects the economy by creating market instability, xenophobia, loss of tourism and

increased insurance claims. Internet addiction seems to be the most familiar with

today’s generation, and it causes both mentally and physically in their everyday lives. It

also causes depression, anxiety, eating disorders, and sleeping habits. As technology

simplifies and streamlines our lives, what measures can we take to foster our intellectual

development without falling into overreliance on technological solutions?

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