Gig workers are generally classified as independent workers (with temporary, off-site, autonomous contracts) which challenges the application of labor and occupational health and safety law. Economy News and Government Policy News: Get latest Indian economy news, government policy news, world economy news, Indian economy, GDP growth rate, trade news, economic growth rate at Business Standard. [97] These advances, coupled with liberalization of trade policy and reduction in transportation costs, have expanded some advantages of businesses in all sectors. These goals are set to open up new opportunities for businesses, to boost the development of trustworthy technology, foster an open and democratic society, enable a vibrant and sustainable economy, and help fight climate change and achieve the green transition. This is also due to the fact that the European Union has many more small businesses than the United States. Impact stories. Digital Economy Report Thus, the intangibility of content tends to give a collective natural aspect to this information accessible to everyone, to benefit public good by creating a digital public space. Examples of digital inputs include digital infrastructure, equipment, and software but can include data and digital skills. A key challenge for policymakers in todays global economy is digital development. [13], Hence, from a bottom-up and narrow perspective, the Digital Economy is "all industries or activities that directly participate in producing, or crucially reliant on digital inputs." Some of them recently introduced temporary export bans, while others are experiencing serious disruptions of their supply chains for potential COVID-19 treatments and personal protective equipment. Non-digital enterprises tend to pay lower wages and are less likely to create new employment. Countries are using UNCTADs e-government platform to continue providing essential services and new COVID-19 fiscal rescue measures to businesses while offices are closed. [76] The move to the cloud has also caused the rise in electricity use and carbon emissions. Caribbean News Global is a platform for latest Caribbean affairs, news, CNG updates, lifestyle, innovation, health care, vacation, tourism. Thus, the job consists of watching and listening to potentiallydisturbing posts that can be violent or sexual. The report predicted Chinas economic growth to be 3.9% in 2022, down from 8.1% in 2021. [22], In the U.S. in the 1990's, the Clinton Administration proposed The Framework for Global Electronic Commerce. [43] For this reason, GDPR and its predecessor were viewed as internal market instruments, facilitating the creation of a digital, single market by allowing an unhindered flow of data within the entire common market. UNCTAD can support countries in identifying the set of measures and actions most appropriate to address key economic sectors affected by COVID-19, including through market studies and competition impact assessments of incentives and exemptions. Meanwhile, global e-commerce sales jumped to $26.7 trillionin 2019, up 4% from 2018, according to the latest available estimates. Reliable statistical information statistics and indicators used in the analysis of international trade, investment and development is indispensable for the formulation of sound economic policies and recommendations. investment policy, especially in countries that make use of fiscal incentives and [79], This has become a topic of increasing interest in today's society as digital or virtual currencies for transactions become more common. The British lender has been re-building its Asian business after a global restructuring in 2016. The survey, entitled COVID-19 and E-commerce, examined how the pandemic has changed the way consumers use e-commerce and digital solutions. The report predicted Chinas economic growth to be 3.9% in 2022, down from 8.1% in 2021. Although UNCTAD predicts a modest recovery of FDI flows in 20172018, they are expected to remain well below their 2007 peak. UNCTAD is working with the World Health Organization, local producers, foreign investors and host governments to enable partnerships for scaling up manufacturing capacities in developing countries to diversify production and contribute to increased global manufacturing capacity. Caribbean News Global is a platform for latest Caribbean affairs, news, CNG updates, lifestyle, innovation, health care, vacation, tourism. B2C e-commerce sales were estimated at $4.9 trillion in 2019, up 11% over 2018. The fourth economy, the Great Resignation, and many other forces of change are driving family enterprises to rapidly require and develop new digital skills and capabilities. The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by Internet, World Wide Web, and blockchain technologies. Testing new guidelines for measuring illicit financial flows in Africa and Asia. Most time-series data cover extended periods of time, with some dating back to 1948, for almost all the economies of the world. Through secondary effects, tourism affects most sectors of the economy. Beyond 20/20 WDS - United Nations Conference on Trade and By Paul Akiwumi, Director for Africa and Least Developed Countries, UNCTAD and Ratnakar Adhikari, Executive Director, Enhanced Integrated Framework. The COVID-19 pandemic has forever changed online shopping behaviours, according to a survey of about 3,700 consumers in nine emerging and developed economies. In 2016, global flows of foreign direct investment fell by about 2 per cent, to $1.75 trillion. For example global value chains in which production processes can be geographically dispersed in locations around the world to take advantage of the features of local markets. It supports efforts to use e-commerce as a solution to avoid trade disruption, foster access to essential goods and protect livelihoods. Debt transparency and the availability of comprehensive, accurate and timely information on public debt are critical for policy decisions, risk management and the implementation of the emergency financing and debt moratorium measures adopted by the international community. Some of the measures that aim at reducing the international spread of the coronavirus are also crippling international trade and transport. The production of most pharmaceutical key ingredients is concentrated in a few countries. These fact sheets are designed to provide a short summary overview for a selection of topics or an introduction to a selection of indicators. Often, the use of NTMs has unintended negative consequences. The report reviews investment in the Sustainable Development Goals and in climate change mitigation and adaptation. The decision to approach the DSM from a different point of view is also because the digital space is in constant evolution with the growing importance of online platform and the change of market share. The COVID-19 pandemic has accelerated the process of digital transformation and added urgency for Governments to respond. The report of this year provides a guide for policymakers E-commerce (transfer of goods, for example when a book is sold online). UNCTAD plays an important role in this, by providing guidance on national and international investment policy regimes. For instance, WhatsApp provides a free communication platform with friends and contacts. 45% of spending on business equipment are investments in IT products and services, which is why companies such as Intel, Microsoft, and Dell have grown from $12 million in 1987 to more than half a billion in 1997. [57][62][63] There is, however, a discrepancy between businesses in more developed locations and less developed regions. Digital transformation of the economy is altering conventional notions about how businesses are structured, how consumers obtain goods and services, and how states need to adapt to new regulatory challenges. [57][58][59], Access to digital infrastructure is increasing across the European Union, with the great majority of homes now having access to broadband. Economy They also point to the need for countries, especially developing ones, to have such information as they rebuild their economies in the wake of the COVID-19 pandemic, said Shamika Sirimanne, UNCTADs director of technology and logistics. de la Paix, 1211 Geneva 10, Switzerland, Welcome to the United Nations Conference on Trade and Development, UNCTAD Statistics Quality Assurance Framework, Development and Globalization: Facts and Figures 2021, Development and Globalization: Facts and Figures 2016, Commodity Price Bulletin (Methodological note), Trade in Services Bulletin (Quarterly Bulletin), Global Merchandise and Services Trade Nowcast Bulletin (Series), International Trade in Services 2022 - Quarter 2. The coming years will see the implementation of fundamental reforms in In addition, concerns exist over the supply of critical resources to poor developing countries at affordable prices. Digital economy Various attempts at categorizing the size of the impact on traditional sectors have been made. The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as an intergovernmental organization intended to promote the interests of developing states in world trade.. UNCTAD is the part of the United Nations Secretariat dealing with trade, investment, and development issues. Although UNCTAD predicts a modest recovery of FDI flows in 20172018, they are expected to remain well below their 2007 peak. Due to the network effect, barriers to European businesses that want to enter within the market remain even higher. European Commission-UNCTAD workshop: Civil society and consumer product safety Understanding the Provisions - Part 1. Copyrights 2022 Business Standard Private Ltd. All rights reserved. The World Investment Report supports policymakers by monitoring global and Source: UNCTAD, based on national statistics offices. Also, there were its potential blockbuster for economic gains[84] and the protest of citizens against sovereign debt countries' rescue and bank bail-outs. It is widely accepted that the growth of the digital economy has widespread impact on the whole economy. Most gig work supplements workers' traditional jobs. Digital economy As lockdowns became the new normal, businesses and consumers increasingly went digital, providing and purchasing more goods and services online, raising e-commerces share of global retail trade from 14% in 2019 to about 17% in 2020. The NFT craze explained", "Which Celebrities Have NFTs as Profile Pics? The Handbook also presents a summary overview of the statistical time series available from UNCTADstat. COVID-19 response [66][67], During the pandemic, 53% of enterprises in the European Union that had previously implemented advanced digital technology invested more to become more digital. These five principles include the leadership of the private sector, the government avoiding undue restrictions on e-commerce, limited government involvement, the government's recognition of the Internet's unique qualities, and the facilitation of e-commerce on a global basis. These bulletins are designed to provide regular (monthly, quarterly, annual) overview of the evolution for a selection of topics and indicators. The average share of internet users who made purchases online increased from 53% before the pandemic (2019) to Throughout this document, the DSM emphasized 3 policy pillars: As a key priority for the newly President-elect Juncker, he made Andrus Ansip, the vice-president of the Commission, in charge of the DSM. Digital economy The worldwide theatrical market had a box office of US$42.2 billion in 2019. stresses, particularly in developing countries. The COVID-19 pandemic has accelerated the process of digital transformation and added urgency for Governments to respond. It found that the digital economy had grown two and a half times faster than global GDP over the previous 15 years, almost doubling in size since 2000. [27] Many investors are purchasing NFTs due to the popularity promoted by several celebrities using them as profile photos, including such as Reese Witherspoon, Eva Longoria, Shonda Rhimes, Serena Williams, and many more. The positive and negative effects of tourism According a survey conducted in 2021, 16% of EU enterprises regard access to digital infrastructure to be a substantial barrier to investment. All of them experienced sharp declines in gross merchandize value(GMV) and corresponding drops in ranks. [23], Cryptocurrencies are built on blockchain technology. Despite the reduction in services companies GMV, total GMV for the top 13 B2C e-commerce companies rose by 20.5% in 2020, higher than in 2019 (17.9%). UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. Digital economy: Technology and innovation: Trade and Biodiversity: Ocean trade: Plastics trade: Creative economy: Iron ore (Discontinued) Maritime transport: Transport costs: Balance of payments: Output and income: Productive capacities: Inflation and exchange rates: Commodity prices: Population Amid slowing economic activity, COVID-19 has led to a surge in e-commerce and accelerated digital transformation. Economy News Other business rely on branding to help them stand out from the crowd. The report predicted Chinas economic growth to be 3.9% in 2022, down from 8.1% in 2021. The European Digital Market is divided in regulations, standards, usages, and languages. [55] Governments are investing in infrastructure. A bigger proportion of businesses anticipate permanent employment losses as a result of the digitalization transformation brought on by COVID-19. [14] While this definition is adept at measuring the impact of digitalization on economic growth, it only focuses on the nature of output and offers an incomplete view of the Digital Economy's development. The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by Internet, World Wide Web, and blockchain technologies. United Nations General Assembly Consequently, it has allowed businesses to expand access to remote markets and provide goods and services across borders. UNCTAD As lockdowns became the new normal, businesses and consumers increasingly went digital, providing and purchasing more goods and services online, raising e-commerces share of global retail trade from 14% in 2019 to about 17% in 2020. Economy News UNCTAD Report For instance, in creating the iPod, Apple combined MP3 technology with licensing agreements, record labels, and design expertise to produce the product. This years World Investment Report builds on that track record and presents policy advice on how to deal with close to 3,000 old-generation investment treaties. DMFAS offers countries a set of proven solutions for improving their capacity to manage public liabilities, to record and monitor public debt, and to provide reliable debt data consistent with international standards. The Digital Single Market (DSM) was included as part of the Single Market Act initiatives adopted by the European Commission (EC). The worldwide theatrical market had a box office of US$42.2 billion in 2019. Message to Regulators: Fix the Economics First, Then Focus on the Right Regulation", "Exploring the Current State of Research on Blockchain and Cryptocurrency Analyzing Enablers, Inhibitors, and Indeterminate Factors", "Bitcoin surges above $46,000 to record after Elon Musk's Tesla buys $1.5 billion worth", "$69 million for digital art? It is relying on personal data, which has been regulated by the EU's directive of 1995, which had the goal to integrate EU within the Digital market. According to the report, This ability to combine technologies and then scale up to help these companies to increase their dominant position on the market.[42]. They include rapid scans of national emergency regulation framework in relation to cross-border trade; capacity-building for national trade facilitation committees, as well as on regional collaboration to facilitate and streamline cross-border trade and transport. 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