KUALA LUMPUR, March 9 – Digital economy, which is developing rapidly worldwide, is expected to contribute 20 per cent to Malaysia’s Gross Development Product (GDP) by 2020 versus 17 per cent in 2014. Digital economy refers to an economy that is based on digital computing technologies. Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah said the growth was expected to be propelled by the wide use of digital economy both in the private and public sectors.
“Digital economy is becoming more important in the era of globalisation. Digital economy will penetrate all sectors and become an important element,” he told reporters here today on the sidelines of a seminar on World Development Report 2016: Digital Economy. Mohd Irwan was a panelist at the seminar.
He said the public sector can benefit from the digital economy as it would spur online service delivery to the people. As for the private sector, the Multimedia Development Corporation (MDeC) has drawn up many plans to ensure digital inclusiveness to the bottom 40 per cent of the income pyramid (B40) in the country.
He said economies around the world were reshaped by seismic shifts in digital technology that offered global potential. Mohd Irwan said Malaysia was no exception as many changes have come about in the country last year which required rapid assimilation of digital technologies.
He said many young entrepreneurs have emerged as a result of opportunities the new wave of digital economy offered. This is because the digital economy required a small investment but offered multi-fold returns. Mohd Irwan added that this is one contributor or multiplier effect the digital wave can have on the national economy.
