Economies of Digitally Advanced Nations Fare Better During Pandemic
While all countries suffered economically in 2020, they didn’t suffer equally, according to research from The Fletcher School. The United States, South Korea, and the UAE each took smaller hits to economic growth than other advanced nations in the year that was defined by the COVID-19 pandemic.
A country’s economic resilience was often a reflection of how digitally advanced it was, coupled with the amount of trust its citizens placed in institutions, the government, and digital systems, according to Fletcher Dean of Global Business Bhaskar Chakravorti.
“About 20 percent of the economic resilience that countries experienced can be explained by the fact that they were digitally evolved,” he said.