Thailand
Malaysia: Adoption of digital technology needs to be accelerated
PETALING JAYA: Malaysia needs to accelerate the adoption of digital technology to spur economic growth and bring more benefits, especially as the pace of digitalisation picks up around the world
“Malaysia must aspire to become a frontrunner on the digital front to fully unlock the economic benefits,” Bank Negara said.
According to World Bank findings, the country still lags behind in digital adoption. Frontrunners in the digital space included the United States, Estonia, South Korea, Japan and Singapore.
By 2025, the central bank estimated that a “frontrunner” status for Malaysia could provide additional growth dividends of between RM390bil and RM530bil per year.
The report revealed that the pillars supporting the frontrunner economies towards progression were fast and affordable broadband, talent tailored for digital progress, and high digital adoption.
Bank Negara noted that these pillars, prominent in the frontrunner economies, have not been successfully addressed in Malaysia.
Among the findings, broadband speed in Malaysia was singled out as comparable to a laggard economy. The report said broadband speed was vital for new technologies such as artificial intelligence.
The central bank also noted that a majority of jobs in Malaysia would require information and communications technology skills in the next 10 years, noting that the country’s standards in technical subjects such as science and mathematics still lagged behind most advanced economies.
“Research shows 54% of jobs in Malaysia, of which 80% are mid-skilled jobs, face a high risk of being automated in the next 10 to 20 years,” it said, urging that digital adoption should be accelerated to unlock the next frontier of productivity gains, higher incomes and social transformation.
For the country to move forward, it pointed out that modernising regulations, empowering talent with future skills and universal access to world-class infrastructure will be vital to encourage more digital adoption.
Source: https://www.thestar.com.my/business/business-news/2018/03/29/adoption-of-digital-technology-needs-to-be-accelerated/#VY7K7CFhqZBEyaL8.99