Reaping Data Dividends to Turbocharge Economic Development for All
Data is now regarded as a strategic asset for economic growth. Indeed, it has been described as the fuel of the future. Data has become an essential resource for realizing value from digital transformation through business innovation and growth, new jobs creation, service sector transformation and social inclusion. Data-driven processes drive improved citizen-centered service delivery, policy development, decision-making and innovative, competitive business models. The demand for data has risen rapidly during the COVID-19 pandemic and changed consumer behavior in unfathomable ways . This has demonstrated the critical role of data for ensuring economic resilience, and operational continuity of governments, business and society at large, especially during times of prolonged economic uncertainty.
The World Bank has been working on the upcoming World Development Report 2021, focused on data policy and data-driven development to improve lives. In addition, the Bank, in collaboration with multiple agencies and partners in the Russian Federation, has consulted a number of key stakeholders inside and outside the Government of the Russian Federation to identify key strategic challenges and opportunities in data policy for Russia which will be discussed in the upcoming World Bank policy report on data-driven development in Russia.
It is proposed to engage with international experts and Russian stakeholders to share their perspectives on the linkages between data and socioeconomic development in a high-level policy dialogue on the following questions:
• Why is data so important for development and economic growth, and how specifically does it increase competitiveness?
• How can data be a game-changer for shared prosperity and poverty eradication in the post-COVID world? How to ensure that no one is left behind, and everyone has equal data access an equal opportunity to reap data dividends? In the same vein, how can countries responsibly use data to realize measurable progress in achieving their Sustainable Development Goals?
• Are there any lessons from the market transition reforms in Russia during the early 90s that may still be relevant for today’s transition to a data-driven economy in the context of COVID-19? Specifically, how can the Russian Federation protect the vulnerable population by unlocking the potential of data-driven innovations and narrow socio-economic fault lines that have widened due to Covid-19?
• What are the challenges for existing policies, internationally and in Russia, and what changes are needed to ensure the maximization of the value of data for the economy and society as a whole?
• How to share data dividends fairly between global companies and national economies?
This session is organized by the World Bank jointly with the Agency for Strategic Initiatives and Skolkovo Foundation.
Ministry of economic development of the Russian Federation, Head of Digital economy development department