G20: Harnessing Digital Innovations for Resilient and Inclusive Growth

T20 Germany Blog. 2017.

Larionova M. V.

Innovations and technological advancement are key factors for strong and productive economic growth. However, persisting barriers to spread and use of these technologies within and across countries exacerbate risks of disruption and inequality. The G20 has gradually brought innovation to the center of its growth agenda. It has also come a long way in placing inclusive development at the heart of G20 cooperation. However, the policy implications of the innovation-inclusiveness nexus have not been given adequate consideration in the G20’s decision-making. Building on the G20 Digital Economy Development and Cooperation Initiative adopted at Hangzhou, Germany has put forward the goal of removing obstacles and creating conditions for the diffusion of technology by expanding infrastructure, improving skills and education, developing and applying norms and standards, creating consumer confidence and discussing an internationally agreed regulatory framework which would uphold the fundamental principles of free information flow, privacy and data protection and IT security. Will decisions by the G20 in Hamburg guide a G20 digital transformation that is both inclusive and resilient? They should. The G20 is well placed to ensure that digital transformation boosts inclusive development.

Keywords: G20, innovations, digital economy