KUALA LUMPUR, Feb. 9 (Xinhua) -- Malaysia will benefit economically from greater digitalization, the World Bank said in its latest edition of Malaysia Economic Monitor on Thursday.
In view of the country's growth projections, which are expected to expand by 4 percent in 2023 amid an expected slowdown in external demand following a stronger-than-expected recovery of 7.8 percent last year, it said efforts to harness digital technologies can bring returns on growth, productivity, employment and poverty reduction.
According to Ndiame Diop, World Bank Country Director for Brunei, Malaysia, the Philippines and Thailand, the edition titled "Expanding Malaysia's Digital Frontier" examines how digitalization in Malaysia evolved during the COVID-19 pandemic and how Malaysia can leverage digitalization to maximize opportunities for inclusive growth.
"The key message in this special topic is that although the pandemic crisis has fostered a formidable rise in digitalization, there are wide inequalities in access to and usage of digital products and services," he said at the launch of the report.
Diop added that disparities have been observed among smaller firms, poorer individuals, those living in more rural areas and in certain states.
The report highlights key priority areas to advance the digitalization agenda," he said.
Citing the impact of the pandemic on Malaysia's economy as having raised debt levels and reduced its fiscal space, the World Bank said in a statement that efforts to rebuild fiscal buffers should be driven by higher revenue collection and better spending efficiency. ■
