Don't miss the "digital opportunity" of global growth

2023-01-10

Last week, the minutes of the Federal Reserve meeting released the voice of continuing to raise interest rates to curb inflation, casting a shadow over the world economic prospects at the beginning of the new year. At the same time, the Consumer Electronics Show (CES), which opened last week, showed the efforts of global enterprises to cope with the impact of the epidemic and accelerate the digital transformation. In the context of the continued weakening of the growth momentum of developed economies such as the United States and Europe, all parties should focus on technological innovation and cooperation, and should not miss the "digital opportunity" of global growth. On January 4, the Federal Reserve released the minutes of the December 2022 monetary policy meeting, which showed that the Federal Reserve officials reiterated their determination to reduce inflation and warned the market not to underestimate their willingness to maintain high interest rates for a period of time. The tough stance of the Federal Reserve did not surprise the market, but it could not convince the market. Some analysts pointed out that the Federal Reserve did not seem to care about the obvious risk of recession, and was more willing to make some "politically correct" statements: to stick to a tough stance before inflation did not substantially slow down, and to quickly turn and play the role of "savior" of the market in the event of a crisis. Such a situation has occurred before and after the outbreak of the epidemic in the United States, and also before and after the interest rate increase in 2022. In this way, the Federal Reserve can naturally "remain invincible", and the impact on the US economy and even the world economy has become a secondary issue in its eyes. The measures of the United States have made the overdraft situation of its macro policies such as monetary and fiscal policies more visible, and its growth momentum continues to slow down. This has also brought problems such as the lack of stamina of the old driving force and the lack of new driving force to the global economy. At the time of the transformation of growth momentum, the importance of enhancing global growth momentum through technological innovation has become increasingly prominent. On January 5, local time, the Consumer Electronics Show (CES) in Las Vegas, USA, opened in 2023. More than 3700 enterprises from more than 170 countries and regions displayed innovative technologies and products in the fields of electric vehicles, digital medicine, artificial intelligence, robotics, food technology, smart home and so on. Some analysts pointed out that digital technologies such as big data, cloud computing and artificial intelligence have accelerated their deep integration with the real economy in the past three years, promoted industrial transformation, triggered the rapid development of digital product consumption, e-commerce, remote work mode, and digital platform construction. Data has been introduced into the production function as a new factor of production, making substantive adjustments in both traditional manufacturing and service industries, and injecting new impetus into world economic growth. Since the outbreak of the epidemic, it has caused a serious impact on the world economy, but also accelerated the digital transformation of the global economy. As the other side of the coin, under the impact of the COVID-19, the digital economy is still growing against the trend, and its development potential and resilience are further demonstrated. Taking ASEAN as an example, ASEAN Secretary-General Lin Yuhui predicted that the digital economy of ASEAN countries would increase from 1.3% of the regional GDP in 2015 to 8.5% by 2025. Therefore, in recent years, countries have competed to formulate digital economy development strategies and introduce incentive policies. How to grasp the digital opportunities has become one of the keys to reshape the global economic structure and enhance the momentum of global growth. However, we should also see that the United States is the representative

Edit:sishi    Responsible editor:xingyong

Source:http://paper.ce.cn/pc/content/

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