The world of the digital economy, a new headquarters with ambiguous challenges

#Digital_civilization has become a reality that we live in every detail of our daily lives. This term has been applied to both the largest and smallest parts of a person’s lifestyle, especially within the economy.

While the Corona pandemic caused the collapse of global economic activity and despite the unprecedented stimulus measures taken by governments in developed countries and many developing countries, the recession that struck the world due to the pandemic was the most severe since World War II.

Although we are in the “ Pandexit ” stage, which is the term launched by the President of the Association of Lebanese Businessmen and Businesswomen in the World and the Dean of the Faculty of Business Administration at Saint Joseph University, Dr. Fouad Zumkhal, to describe the situation we are living in, which means our exit from the pandemic. However, the numbers cannot currently explain the new economic vision in all its aspects. Dr. Zumkhal explained to the “#Cyber_X” website that “there is no return to the normal situation that we were living in before the crisis, but rather we are experiencing a new situation that will become normal with time. On the economic level, we are quickly heading towards what is called the #digital_and_knowledge_economy,” explaining that “this situation was… Our children must live it after several years, but the epidemic has accelerated the steps. The traditional economy can no longer be a basic pillar of any economy in the world, knowing that we will not dispense with agriculture and industry. All countries’ economies and international agreements must also be reconsidered. Companies and institutions will not be able to continue. If it does not have applications on the Internet that contribute to sales operations, etc. This confirms our move towards #artificial_intelligence, which we previously feared, and it is gradually being used to confront the current crisis, but it will not take the place of human intelligence.”

Fouad Zmkhal pointed out that “the transformational path of the traditional economy into informational and digital began with the entry of the Internet several years ago, when there were no longer global borders and talk appeared about a global trade market between all continents and about new agreements between countries, such as the BRICS group of developing countries, which includes… Brazil, Russia, India, China and South Africa,” adding, “The digital economy has changed the rules, and anyone who does not and will not keep pace with change and modify their products will exit the market. An example of this is Olympus, which used to manufacture cameras and now manufactures medical equipment.” According to Dr. Zumkhal, companies and institutions that want to find a place for themselves “are the ones that will follow the three D’s strategy , which are:

Diversification , meaning diversity and not relying on the traditional or digital economy only.

Development means development and not waiting or taking the time to make decisions.

Delegation , that is, delegating the tasks of both the traditional economy to experienced people and the tasks of the #digital_economy to the new generation.”

Regarding whether the #digital_civilization will manage the economy and make it free or governed by major companies and countries, in Zumkhal’s opinion, “The #global_economy is not directed, and despite the presence of companies and countries that are stronger than others, I do not believe that they will remain the same ruling and controlling ones. And even the capabilities will change, especially with the emergence of “The new competition between yesterday’s allies in light of the lack of clarity in the future economic vision. Everyone knows that we have returned to point zero, and corporate investments will change, as will international commercial and political agreements.”

The economy is experiencing World War III and is struggling to stabilize in the #digital_world. But how will countries, companies, institutions and individuals navigate this path? A question that has not yet been answered. How much time does it take for the winds to calm down, for the ships to anchor, and to direct the compass of the economic numbers, their strategies, and the course of their new path? Also, waiting is the best solution, but it will not work for capitalists, businessmen, and investment people.