The economic impact of digital technology during COVID-19

We are living in exceedingly uncertain times these days. The evidence of this is quite literally surrounding us from all possible angles. The shift towards a more digitally inclined future has been in motion for a while now, however it has become more and more obvious all the time that there is a distinct and unrelenting factor that has propelled it forward even more. That factor is COVID-19. The first pandemic to reach global proportions in years, COVID-19 (i.e. Coronavirus) has more than proven itself to be a devastating newfound reality. It is a reality that has essentially turned life upside down - and it continues to do so more all the time. In fact, today the rise of digitalisation and technological advancement is more streamlined and acutely focused than it has ever been.

Digital transformation as a concept

Digital transformation is one of the most influential innovations in human history to date. We are absolutely surrounded by all the latest and greatest innovations in digitalisation and technological advancement. More to the point, it almost goes without saying that these modern innovations are introducing and familiarising us with an approach to everyday life that is more convenient and efficient across the board. Digitalisation and technological advancement are all about enabling and empowering the positive reinforcement of an economy that is more easily and readily accessible to everyone, always. Now, we are seeing digital transformation put to the ultimate test - and so far, it has performed quite well.

The international outbreak of COVID-19

The global outbreak of COVID-19 has caused drastic shifts in just about every aspect of life as we know it. In just over four months, COVID-19 has more or less forced the modern world’s hand, introducing a new way of life that is more about minimising the spread of this highly contagious virus than anything else. While COVID-19 presents itself in decidedly minimal ways in many impacted individuals, in others it presents itself in more extreme (and sometimes more life threatening) ways. For this reason, digitalisation and technological advancement are playing more instrumental roles in society than ever, being driven forward as the primary methods of connection and communication around the globe.

The economic impact of digital technology today

The economic impact of digital technology during this pandemic is proving to be nothing short of extraordinary. Having a reliable internet connection is one thing, however having a reliable internet connection that is also utilised much more often and more heavily as a key impactor on digitalisation in the modern economic reality of today is quite another. Today, the economic impact of digital technology during COVID-19 has proven time and again to be a force that not only continues to go from strength to strength, but that is only going to get better and better in the future too. Digital technology today plays a more important role than ever in equipping and informing us not only in the now, but as we head into a decidedly uncertain future where economic stability is not certain and COVID-19 continues to unravel.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes