The year 2019 marks the worst pandemic in the history of the world, of which the aftereffects are still very much there today. Many commercial areas are becoming flattened. The COVID-19 pandemic significantly impacted global growth in 2021; however, the World Economic Forum forecasts a decline from 5.5 percent to 4.1 percent in growth in 2022.
People are likely to stay vigilant when making purchases, given the high uncertainty caused by rising fuel prices, global inflation, and more significant damage from natural disasters linked to climate change. According to the “Global Economic Conditions Survey: Q3 2022” conducted by the Association of Chartered & Certified Accountants, there is a lack of corporate confidence due to worries about rising expenses, falling consumer spending, and fluctuating exchange rates.
However, digital knowledge appeared to be on a surge in the face of declining businesses. Of course, lockdowns linked to the epidemic have significantly impacted this. Being unable to leave their houses, many individuals turned to homeschooling to assist their children, engage their minds and socialize with others, use their free time to learn and grow, or even seize the chance to change careers and acquire new skills.
Free learning courses that teach computer programming and coding to students of all ages are an excellent reflection of this transition. Instructing the next generation in digital creation and communication has accelerated the spread of digital knowledge.
It is good that knowledge is accessible digitally since it facilitates easy and widespread knowledge sharing. Academic articles may now be instantly indexed, searched, and shared, making scientific advancements much simpler. For others to build upon and develop, information is available. Lawsuits, concepts, and DIY advice all fall under this category. Hearing about other people’s experiences makes it simple for us to empathize with one another, understand one another, and perhaps treat one another nicer while revealing more about ourselves.
Besides these advantages, digital knowledge holds some severe drawbacks as well. It can be used for exploitation purposes very easily. To access tools and social media accounts or to connect with people, we are under pressure to provide information about ourselves. People who don’t use social media are frequently viewed as awkward or outsiders. People find it challenging to schedule mutually convenient times to pick up the phone and chat and even more challenging to meet in person at a cafe or someone’s house. All of this is happening because the world is getting busier and busier due to digitalization.
Thus, the chance for developing countries to get a stronger foothold in manufacturing and IT, and digital knowledge, increase as the wealthier countries struggle economically in the coming years. These countries can train their workers in digital technologies to generate income. So, it is the right time for developed and developing countries to consider and work altogether. The global stakeholders must work in cooperation to achieve success for all.
Today, with a “like,” “share,” or even a kind comment or GIF, we may show that we care and are paying attention by peeking into the lives of our family and friends on social media. But what do we forfeit in exchange? Do we realize how much of ourselves we give away to algorithms and advertising firms that collect and sell our data in exchange for allowing us to create incredibly intimate movies to amuse our friends or to reassure them that their troubles are not unique?
The extensive list of businesses your data is shared with may be seen by selecting one from the drop-down menu in the “manage cookies” button on each website you open. The business of data is enormous. And it grows in size as we conduct more internet trading. Governments are responsible for establishing rules controlling and taking care of our privacy. However, there are many hurdles due to large businesses’ considerable sway and the global scope of websites and trade. Here arises a key question: What happens if the government is incompetent in the first place? Obviously, our privacy will not be secure and will easily be breached. Anyone can steal your data and use it for their personal interests.
Since digital knowledge can be located anywhere, the location of the labour force also has an impact. As working from home has become more commonplace, businesses no longer need to invest in offices to hire employees. Instead, they often have the luxury of hiring staff from the lowest-paying countries, which not only exploits workers from poorer countries and those with fewer labour rights and benefits, but also decreases employment in wealthier countries.
A business can expand more quickly if it is more affordable to operate. We hope this results in lower prices for goods, but on the other side, big businesses somehow control these prices because they have more sway over the market, consumers, and decision-makers. If two or three major digital companies control the majority of global data flow, the consumers’ choice and power to decide whether or not to share personal data are greatly diminished.
With knowledge and technology connecting people from all over the globe, the world has now become a global village. So, it is in everyone’s best interest to ensure that they receive a fair salary, safe working conditions, and benefits for their labour. As a result, everybody will be given more power, and progress in science, technology, and health will be accelerated. Therefore, businesses should hire the best candidates for the job; it doesn’t matter where they come from.
Shared knowledge is great because it gives people more power, but governments must ensure that there are clear options for citizens to opt out of data sharing and that privacy policies are in place to safeguard them. What information is stored, sold, and to whom also needs to be much more open. There is currently too much abuse of customer data because workers in affluent countries lose their jobs because they demand a fair salary. Similarly, workers in developing countries suffer a lot because they get a meagre income from their services.
Thus, the chance for developing countries to get a stronger foothold in manufacturing and IT, and digital knowledge, increase as the wealthier countries struggle economically in the coming years. These countries can train their workers in digital technologies to generate income. So, it is the right time for developed and developing countries to consider and work altogether. The global stakeholders must work in cooperation to achieve success for all.
