Asia’s Digital Economy

Abstract

The Asian Century cannot rise without value creation, innovation, and financial transformation. Mobile phones, smart devices, e-commerce, software applications, fintech, and robotics are basic features of the new economy that China, Japan, and South Korea are creating for multiple-year productivity growth. Asia adopts these creative disruptions early on, then innovates, and scales them up into global leaders. Digital finance, digital identification, social media, and big data are the four digital enablers that Asia has developed well, along with broadband internet connectivity. The digital economy is flourishing in Asia because of its large and young populations and rising middle classes, especially in China, India, and ASEAN. It is transforming both urban and rural areas in pre- and post-LTP countries.