What is Digital Economy?

The term digital economy has been used since the early 1990s to describe the course by which not only technology networks and devices are advancing, but also people’s use and interactions therein, for economic processes. Over the years and due to advances in technology and the introduction of the Internet, digital economy has evolved into a larger framework that considers how people utilize network connectivity and technological development to streamline traditional connections with various bodies, companies and people, as well as produce new opportunities.

According to The World Bank Caribbean Digital Transformation Program, of June, 2019, “Rapid digital transformation is re-shaping the global economy, permeating virtually every sector and aspect of daily life, changing the way we learn, work, trade, socialize, and access public and private services and information. In 2016, the global digital economy was worth some USD 11.5 trillion, equivalent to 15.5 percent of the world’s overall GDP. It is expected to reach 25 percent in less than a decade, quickly outpacing the growth of the overall economy.

However, countries in the Eastern Caribbean are currently capturing only a fraction of this growth potential and need to strategically and proactively invest in the foundational elements of their digital economy to keep pace and thrive in a digital world”.

In the setting of this pandemic, our goal is to get more Caribbean people involve into digital economy and help them not just contribute to the digital marketplace, but also use it as an additional method to achieve financial independence.

Apply for the Work Online Caribbean program to get started!