Citi Launches New Report on Holistic Digital Policy

Rhea-AI Summary

Citi has released a new report titled HOLISTIC DIGITAL POLICY - Nation States Must Lead in Building Equitable Human-Centric Digital Economies. This report emphasizes the importance of a Holistic Digital Policy as a complementary tool to monetary and fiscal policies, aiming to facilitate sustainable economic growth. Key focus areas include AI, inclusive finance, and digital infrastructure. The report advocates for collaboration among governments, corporates, and civil society to meet UN Sustainable Development Goals and manage technological challenges effectively.

Positive

• Proposes a Holistic Digital Policy to complement existing monetary and fiscal policies, potentially enhancing their efficacy.
• Highlights the importance of collaboration between governments and private sectors to achieve sustainable economic growth.
• Identifies key focus areas like AI and digital finance that could drive significant economic and social benefits.

Negative

• Mentions risks such as job displacement and potential breakdowns in global governance due to technological advancements.

Latest Report advocates Digital Policy as a complement to Monetary and Fiscal Policy

Report proposes ‘third tool’ for governments to help manage economic growth and achieve sustainability goals

LONDON--(BUSINESS WIRE)-- Citi has today launched its latest Global Perspectives & Solutions (Citi GPS) report titled HOLISTIC DIGITAL POLICY - Nation States Must Lead in Building Equitable Human-Centric Digital Economies.

The report sets out a number of focus areas designed for countries and governments to assist in the process of moving to a more digital economy, including artificial intelligence (AI), inclusive finance, digital infrastructure, private sector incentives, and regulations.

It suggests that each nation state develop and implement a Holistic Digital Policy that complements monetary and fiscal goals and facilitates sustainable economic growth and inclusion.

It goes on to explain that Holistic Digital Policy also seeks to incentivise and align other stakeholders such as corporates, financial institutions, civil society and individuals to achieve the collective economic and UN Sustainable Development Goals. It outlines five focus areas that adopted alongside digital policy including digital infrastructure, data, AI and biotech, technology monopoly, and digital finance.

Naveed Sultan, Chairman, Institutional Clients Group, Citi, commented: “We believe that we are at a unique point in time where there are major transitions underway, driven by varied and complex externalities and the rapid development of a broad range of general purpose technologies. We therefore need new policy tools and business approaches to address the challenges and opportunities presented by these externalities. We believe that a Holistic Digital Policy is a new tool that will complement monetary and fiscal policies, which are currently showing signs of stress, and also improve their efficacy.”

Sultan continues: “There is evidence that countries which have established a holistic approach to digital policy and execution have realized significant economic, social, and political benefits. These countries have also seen a thriving public private sector collaboration. That’s in addition to continuing to engage in cross-agency, cross-government, and private sector collaboration on topics such as the development of central bank digital currencies, cybersecurity, and data privacy. Ultimately, forward-thinking governments need to take decisive steps to close the gaps in digital skills, infrastructure, and research and development.”

The report goes on to highlight that to successfully adopt Digital Policy, governments should establish frameworks for global collaboration whilst pursuing long-term visons, inspired by the ESG concept of cross-stakeholder collaboration to achieve sustainable and equitable economic growth.

Dalibor Vavruska, Founding Partner, Digiteccs Associates commented: “The technological revolution is improving the efficiency of organizations across sectors and countries, is empowering economic inclusion, and could provide solutions to systemic challenges such as climate change. However it also presents risks such as job displacement together with other adverse impacts and a breakdown of global governance. Therefore, It is important that countries and governments work together to shape these technologies to optimize the outcome and manage the risks.”

The digital copy of the report is available here

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About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20211005005498/en/

Media Contact:

Belinda Marks Belinda.marks@citi.com

Source: Citi

FAQ

What is the main focus of Citi's latest report?

Citi's report focuses on the development of a Holistic Digital Policy to support sustainable economic growth.

How does the Holistic Digital Policy relate to existing economic policies?

It is proposed as a complement to monetary and fiscal policies, enhancing their effectiveness.

What are the suggested focus areas for implementing the Holistic Digital Policy?

The report highlights AI, inclusive finance, digital infrastructure, and regulations as key focus areas.

What risks are associated with the technological advancements discussed in the report?

The report mentions job displacement and potential breakdowns in global governance as significant risks.

When was Citi's report on Holistic Digital Policy released?

The report was released on October 5, 2021.