Changes in the digital economy and their impact in Iraq, 23 JUNE

Changes in the digital economy and their impact in Iraq

Economy News – Baghdad

Researcher in finance, development and academic affairs, Aqeel Jabr Ali Al-Mohamdawi

The beginning of the 21st century can be distinguished by the development of advanced digital technologies, a revolution in the field of information, and the acceleration of the processes of economic globalization. Currently, IT development plays an important role in society and the economy.

Individuals and society always strive to meet the growing needs in a particular area of activity, while IT expands the capabilities of all people, organizations, and nations.

IT has not only changed business and consumer behavior patterns in the modern economy, but has also laid the foundation for different processes: high-tech production and economic activity, financial service development, changes in educational concepts and standards, and digital transformation.

This infrastructure, formed on the basis of electronic interoperability, has become a new direction for the development of global technologies in which economic activity is based on digital technologies.

The digital economy promotes competition and competitiveness not only within the country, but also at the global level. Therefore, any country, including Iraq, that seeks to compete and build competitive performance standards in the global market must properly exploit the potential of the digital economy and promote digital progress.

Iraq should catch up, accelerate the adoption of digital technologies, and ensure that everyone has access to these technological benefits and modern information technology.

At the same time, fulfilling the promise of mainstreaming digital technology requires balancing risks and opportunities. As the world shifts to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable interconnected and powerful digital systems that can verify identity, transfer payments quickly and safely, and exchange data responsibly.

To reap the benefits of technological and technical progress in digitization and artificial intelligence, and participate fully in the global digital economy?

In order to accelerate the pace of engagement in the digital economy society with deliberate and reliable steps, Iraq should adopt the methodology of the digital economy and modern financial digitization. Agencies:

1- Bridging the global digital divide: Despite the rapid spread of new technologies around the world, 37% of the population, a person, is still deprived of Internet services. In addition to a large percentage of Iraqis who are not involved in advanced information technology applications.

2. Preparing for future jobs: Innovation is radically changing the nature of the business: new jobs are emerging, and other jobs are evolving. In order to compete and contribute to raising the performance standards of the competitive performance of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.

3. The importance of developing secure and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection and the maintenance of the modern digital financial and economic system has become more important than ever.

4- More funding to provide Internet services and IT applications for all: Broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do so alone. Governments must make bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership.