1 Department of Finance, Hult International Business School, Boston, USA.
2 Wayne State University, Detroit, Michigan, USA.
3 Nigeria Deposit Insurance Corporation, Nigeria.
4 Department of Finance, Hult International Business School, Boston, USA.
5 Catalent Pharma Solutions, Maryland, USA.
6 Edo State Public Service, Edo, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 888-905
Article DOI: 10.30574/wjarr.2023.20.3.2541
Received on 04 November 2023; revised on 13 December 2023; accepted on 15 December 2023
This scholarly investigation delves into the transformative influence of digital technologies on national economies, marking a pivotal shift in the global economic landscape. The study's primary objective was to dissect the multifaceted impact of digital transformation, scrutinizing its role in reshaping economic sectors and societal norms. Adopting a qualitative synthesis of peer-reviewed literature, the research meticulously evaluated the economic ramifications of emerging technologies, drawing insights from diverse global contexts and industries. The findings reveal that digital transformation catalyses economic change, with significant variations observed across sectors such as healthcare and manufacturing. The study highlights the critical role of digital technologies in driving innovation, enhancing productivity, and fostering sustainable development. Case studies from different countries provided real-world perspectives on the implementation of digital strategies, underscoring the challenges and opportunities inherent in this digital shift. Conclusively, the research emphasizes the necessity of strategic planning and policy support in navigating the complexities of digital transformation. It advocates for a holistic approach that considers sociocultural, political, and economic factors in technology adoption, stressing the importance of global partnerships in fostering digital economic growth. The study culminates in recommendations aimed at guiding policymakers and business leaders in leveraging digital transformation for sustainable and inclusive economic development. In essence, this paper offers a comprehensive and nuanced understanding of the digital era's impact on national economies, serving as a valuable resource for stakeholders navigating the ever-evolving landscape of digital transformation.
Digital Transformation; Economic Development; Sectoral Impact; Global Partnerships; Technology Adoption; Policy Recommendations.
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Simon Kaggwa, Deborah Idowu Akinwolemiwa, Samuel Onimisi Dawodu, Prisca Ugomma Uwaoma, Odunayo Josephine Akindote and Stephen Osawaru Eloghosa. Digital transformation and economic development: A review of emerging technologies' impact on national economies. World Journal of Advanced Research and Reviews, 2023, 20(3), 888-905. Article DOI: https://doi.org/10.30574/wjarr.2023.20.3.2541