Citigroup [NYSE: C] has shared its latest Global Perspectives & Solutions (Citi GPS) report named HOLISTIC DIGITAL POLICY Nation States Must Lead in Building Equitable Human-Centric Digital Economies. The firm commented that Holistic Digital Policy is a new tool that will balance monetary and fiscal policies, which are currently displaying signs of stress, and also enhance their efficacy.
The report sets out a number of focus areas intended for countries and governments to help in the process of moving to a more digital economy, including artificial intelligence (AI), inclusive finance, digital infrastructure, private-sector incentives, and regulations. The report recommends that each nation-state develop and deploy a Holistic Digital Policy that balances monetary and fiscal goals and enables sustainable economic growth and inclusion.
It also describes that Holistic Digital Policy also seeks to stimulate and reconcile other stakeholders such as corporates, financial institutions, civil society, and individuals to attain the collective economic and UN Sustainable Development Goals. Moreover, it describes five focus areas that are embraced alongside digital policy including digital infrastructure, data, AI and biotech, technology monopoly, and digital finance.
The firm contemplates that presently it is at a unique point in time where there are major changes in progress, led by diverse and complex external effects and the rapid development of a whole variety of general-purpose technologies. Therefore, the firm is presently in a need of new policy tools and business approaches to tackle the challenges and opportunities provided by these externalities.