Gravitating towards the Digital Economy: Opportunities and Challenges for Transforming
Smart Bangladesh
Lisa Mani
The digital economy encompasses the economic activities that arise from the interconnection of persons, businesses, devices, data, and processes through digital technology. The primary objective of the research is to provide an efficient and adaptable legal, financial, and institutional structure to promote competitiveness while mitigating the adverse effects of the digital revolution on society. This study article focuses on the application of qualitative techniques. The secondary data was used to create a comprehensive study that tries to accurately represent the current situation of the digital economy in Bangladesh. Several publications were gathered to facilitate the execution of this research. A total of approximately 100 papers were gathered for the purpose of conducting this research. Out of these, a subset of 51 articles were selected and utilized to align with the specific research objectives. One of the greatest opportunities of the digital economy is its capacity to engage with a worldwide audience, enhance efficiency and productivity, foster innovation, and provide personalization. The primary obstacles faced by the digital economy include the establishment of intricate and ever-changing 'cross-border production networks due to globalization, concerns regarding security, the need for digital inclusion, and the presence of legislative barriers. The digitalization of the economy has the potential to impact the structure of the global value chain by lowering costs and offering enterprise services at more affordable prices. The digital economy is constrained by the finite number of bits it can use to represent data, resulting in a restricted resolution of the data. Global activities are hindered by inconsistencies in regulations and the complexity of taxation. Economic displacement arises when automation supplants employment, leading to a rise in inequality.
Keywords: Digital Economy, Smart Bangladesh, Opportunities, Challenges, Review Paper
