Rules of the World’s top ten economies are very interesting to follow. It’s about transforming countries into a digital-driven economy. What could it mean? One of the biggest economies in the world, Canada, is focused on the digital-driven economy and has a thrilling roadmap for achieving the goal. The digital-driven economy simply means that countries should accept the domination of the online ecosystem and get ready for big changes.
Traditional economies are focused more on the offline world and don’t look after the digital world. We have seen drastic changes in the last two decades, and one of the biggest companies ruling the industries is now based in the digital world. What can Malawi learn from Canada’s approach?
Malawi’s economy depends on the agricultural industry
The country has a population of more than 17 million people. Every year, the World Bank publishes reports about Malawi, and one thing is sure – the country depends on agriculture. At the same time, most of the products from agricultural industries go onto the export. 80% of the revenue of regular Malawian citizens depends on export.
The government of the country is trying to face different challenges in the economy. The board of ministers is trying to level up the education background of the country and focus more on various industries rather than agriculture. In the 21st century, especially in the digital age, countries should focus on the World Wide Web more. Canada is a successful example, and Malawi’s government should be interested in replicating the strategy of the digital economy.
Three waves of the digital-driven economy
The digital-driven economy is the idea of Justin Trudeau. The Premier Minister of Canada proposed a new roadmap, and it’s related to every Canadians life. The economic roadmap consists of three waves, and each should have a 5-10 years cycle. Malawi is at the early stages of development, yet and the economy will get new standards like a sponge.
The first wave consists of looking after current online business contributors to the economy. Companies in the gambling industry have seen the green light from Canada’s government since 2018. After the main promise of Justin Trudeau was to look after the digital economy, companies in the gambling industry have contributed way more than in previous years. In Malawi, gambling is also legal, but country authorities should look after the gaming companies focusing on the digital world.
Starting in 2018, gamers can send and receive transactions in Canadian casinos with real money or digital currencies. The rise of digital currencies based on block-chain gave worldwide popularity to Canadian casino platforms. Malawi’s government should take the same path. Cryptocurrencies are on the edge of the biggest popularity. Country authorities should listen to billionaires like Bill Gates, Elon Musk, and others who are praising the cryptocurrency ecosystem. If the country created a pleasing eco-system for online gaming companies, then the economy would get billions of dollars contribution every year.
A futuristic wave of the digital economy
Justin Trudeau is a big believer in artificial intelligence. The roadmap that was created for Canadians contains the main point – investing in companies that work on the development of artificial intelligence. Angel investors based in Canada are already investing billions of dollars in artificial intelligence. It would be a huge benefit, not only for Canada’s citizens but for everyone around the world.
Justin Trudeau predicts the new industrial revolution, and putting artificial intelligence as the main locomotive of success. The government of Canada has a particular board that works only on the development of eco-system to help companies in the AI industry. It should be noted that AI is named as a distant strategy. World should be affected by AI in 10-15 years. The Premier minister of the country has included AI development in a futuristic cycle, which means that the country’s economy will benefit from that industry in two decades minimum.
That’s how far Malawi’s government should look. Canada has one of the biggest economies in the world. African countries should look after similar examples and replicate those strategies.