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BENEFITS OF DIGITAL ECONOMY TO MALAYSIA - Coggle Diagram
BENEFITS OF DIGITAL ECONOMY TO MALAYSIA
Create a better ecosystem to encourage digital entrepreneurship
Malaysia Digital Economy (MDEC) and Malaysian Global Innovation and Creativity Centre (MaGIC) are part of institutions that collaborated with the government. They have already been established to attract more investment, provide incentive schemes, facilitate financial assistance, as well as provide startup businesses with training and potentials.
For example, the government has launched e-Rezeki and the goal of the eRezeki approach is to provide people of B40 societies with chance to generate additional income through the use of digital technologies.
Job opportunities for people
By 2025, Malaysia's digital economy is projected to contribute 22,6 percent of the country's GDP and produce approximately 500,000 new jobs. The digital revolution may generate up to RM257.2 billion in yearly economic value in Malaysia by 2030, according to a report by AlphaBeta.
Personalisation.
A digital economy allows greater personalisation than would be possible under traditional economy.
For example, a traditional shop would only have room to stock a certain number of colours and sizes, but with the digital economy, a consumer can choose any preference and then the product can be custom-built e.g. 3D printer.
Consumers are moving towards digitalisation, especially through eCommerce and online banking, as they prefer quick and convenient transactions.
Electronic processing of orders, personal and banking information and seamless access to information has made commerce easier faster and scalable.
For example, a survey by PwC in 2019 in 2019 in multi-country revealed that 31% of respondents purchase online weekly or more frequently than that, while 51% of respondents paid bills and invoices online in 2018.
Mobile payments are becoming a trend with the rapid growth of mobile phone users, this is most observable in emerging economies such as China, the Philippines, Tahiland and Vietnam.
Data is the future commodity
The potential to enhance economic competitiveness and dynamism
Introduction
Digital economy refers to the activities of social and economic which it is involved the production and the use of digital technology by individuals, businesses, and government.
This is whereby the infrastructure of communication and online networking gives a global platform for society, businesses, and organizations to communicate, interact, cooperate, and share information in the digital economy.
Conclusion
The digital economy certainly provides a lot of benefits for economic activities in Malaysia. Apart from that, the digital economy is positioned to be the new driver of development for Malaysia to continue on its economic path.