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Digitalizing MSMEs in ASEAN Towards Post Pandemic Economy

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The COVID-19 pandemic, which has been ongoing for most of 2020, has had a significant impact on human life.Apart from infecting more than 10 million people and killing 1 Million people worldwide as of today as of this writing (28 October 2020), Initially in the pre-pandemic COVID-19, the world economy is projected to increase 0.4 percent to 3.3 percentin 2020 which was previously 2.9 percent in 2019. Then after the pandemic hit, world economic growth fell to -4.4 percent in 2020 as a result, the COVID-19 pandemic has devastated the global economy.The public health crisis due to the COVID-19 pandemic has led to an economic recession that has the potential to trigger a political and social crisis if not handled properly.

The economic recession caused by the COVID-19 pandemic was caused by many businesses closing or reducing their activities to avoid further transmission. As a result, the chain of economic activities such as production, distribution, and consumption is disrupted and results in an economic recession and the number of workers or employees being laid off to reduce production costs, this has resulted in high unemployment and low public consumption because people have to save their expenses considering that the majority have lost their jobs. due to termination of employment as the main source of income.

The impact of the economic recession due to the pandemic that hit all regional regions in the world, including Southeast Asia or ASEAN. Before the pandemic hit, the economy in ASEAN was predicted to grow by 4.7 percent based on an ADB report published in December 2019. Then when COVID-19 was declared a global pandemic, economic growth was only 1.0 percent. This is due to a large number of MSMEs (Small and Medium Enterprises) as the backbone of the economy in ASEAN. MSMEs are the largest contributor to the percentage of GDP and employment for each of its member countries. The results of research on six ASEAN member countries (Indonesia, Thailand, Singapore, Malaysia, and Brunei Darussalam) show that MSMEs contribute more than 50 percent of employment and contribute to GDP ranging from more than 30 to 50 percent per year. This shows how important the role of MSMEs is as the backbone of the economy in ASEAN.

MSMEs have limited capital and production capacity so that when the country experiences a recession due to a pandemic, MSMEs also reduce their production output because little or nothing buys their products. After all, consumers reduce their spending more to prioritize buying necessities, as a result, the profit margin is smaller and only can cover production and operational costs. To overcome this, MSME owners reduce their production output and lay off workers or employees which results in increased unemployment, owners will go out of business if these methods are not able to increase the margin of sales results with production costs. Termination of employment for MSME workers because their places of work are out of business or doing efficiency to reduce operational costs has contributed greatly to the high number of new unemployment, for example, the number of newly unemployed in Indonesia reached 9.77 million in August 2020, this number increased by 2.67 million people compared to the same period last year.

Many ASEAN member countries have realized how important the sustainability of MSMEs,and then strengthening their economic resilience because MSMEs contribute to GDP and large absorption of fields. Various short-term stimulus measures have been taken to save MSMEs amid a pandemic have been carried out by all member countries such as extension or postponement of tax reporting deadlines, direct financial assistance such as facilitating the provision of soft capital loans and providing wage subsidies or incentives for MSME employees and owners. Currently, the most important thing is implementing long-term structural steps to maintain the sustainability of MSMEs in the midst of implementing a new life order (new normal) that changes the lifestyle of the consumer community in the post-pandemic. Structural measures require collective effort for all ASEAN member countries because they change the overall structure of MSMEs to go hand in hand with changes in the lifestyle of the consumer society.

THE IMPORTANCE OF UMKM DIGITALIZATION FOR THE ECONOMY

Strengthening MSMEs cannot be separated from the implementation of SDG (Sustainable Development Goals) or Sustainable Development Goal 8 (eight), namely, promoting sustainable, inclusive economic growth and providing full and productive employment opportunities for all people. The presence of MSMEs expands economic goals, which is increasing the number of jobs. The addition of the number of new jobs by MSMEs provides benefits for the poor and vulnerable to get out of poverty and has an impact on increasing community income which brings success in achieving the first SDGs (eradicating poverty), second (ending hunger), fifth (gender equality), eighth itself, and ninth (increasing industrialization and sustainable innovation).

The results of research conducted by Mckinsey & Company suggest long-term steps that need to be taken by policymakers to prepare and encourage MSMEs to rise again. One of the long-term steps that need to be taken is to prepare MSMEs to implement digitalization in carrying out their economic activities again. This step needs to be taken because the COVID-19 pandemic has forced all businesses to close their physical facilities which are the center of their economic activity and online channels are the only way for MSMEs to survive amid limited physical activity to reduce the number of transmissions. The importance of digitalization for MSMEs to increase their income is evidenced by a survey from Mckinsey in 2018 showing 60 to 95 percent of digital income reaches 10 percent of all the largest corporate sectors. If MSMEs take into account a significant share of the region’s economic activity, this means that increased digital capabilities will also have an impact on increasing income.

The effort to digitize MSMEs to be able to adapt in the era of a new life order also faces many challenges. The challenges that must be faced in realizing digitalization include access to supporting infrastructures such as electricity supply, communication and information technology, and adequate internet access, which are very important in the effort to digitize MSMEs. Also, mastery of technology and information capabilities for human resources is something that needs to be considered because digitization and automation applied to all types of businesses including MSMEs can make many people lose their jobs, for ASEAN member countries there will be 878 thousand new unemployed in Malaysia; 4.5 million in the Philippines; 9.5 million in Indonesia; and 2.4 million people in Thailand. The solution to overcoming this problem is to facilitate new job skills training for job seekers and victims of layoffs (termination of employment) and increase funding and collaborate with companies engaged in technology and information to make this happen.

ASEAN STRATEGY IN DIGITALIZING MSMES IN SOUTHEAST ASIA

Increasing digital capabilities or digitizing MSMEs is also a major concern for ASEAN which was emphasized at the ASEAN + 3 Summit (China, Japan, and South Korea) and the ASEAN Economic Ministerial Meeting. At the 37th ASEAN Summit in Vietnam on November 12, 2020, all ASEAN member countries agreed to launch the ASEAN Comprehensive Recovery Framework (ACRF). The ACRF aims as a coordinated ASEAN strategy that focuses on restoring the critical sectors and vulnerable groups most affected by the pandemic and identifying what actions should be taken in line with regional and sectoral priorities. ASEAN’s attention to the importance of increasing digital capabilities or digitizing MSMEs is reflected in the fourth ACRF strategy which focuses on accelerating inclusive digital transformation and is included in key priorities, namely, providing an online platform and implementing policies related to enhancing digital capabilities. Not only that, improving connectivity is a key priority related to digitizing MSMEs by providing supporting infrastructure and an affordable internet network. Besides, the launch of the ACRF at the 37th ASEAN Summit is an implementation of the 16th SDG which emphasizes international cooperation and an institutional framework in realizing sustainable development. The highest political forum such as a high-level conference (Summit) is a forum that provides political leadership, collective guidance, and recommendations in realizing sustainable development.

To realizing the strategy in these key priorities, there are 3 (three) stages, namely reopening, recovery, and resilience. The reopening stage, namely ACCMSME (ASEAN Coordinating Committee of Micro, Small, and Medium Enterprise) as an agency in ASEAN that coordinates MSME empowerment agencies in ASEAN member countries, conducts in-depth assessments to identify challenges and policy recommendations to support awareness of technology adoption and relevant digital tools among MSMEs; And supporting the integration of MSMEs into global value chains, including establishing mechanisms to help MSMEs increase exports. The identification results report will be followed by policy recommendations for improving the digital capabilities of MSMEs for ASEAN member countries and special recommendations for less developed member countries such as Cambodia, Laos, Myanmar, and Vietnam (CLMV) to get assistance from the IAI (Initiative for ASEAN Integration).

In the recovery and resilient stages, ACCMSME will increase the amount and quality of relevant content in the ASEAN SME Academy. The ASEAN SME Academy is an online media portal for digital skills training for MSMEs launched by the US – ASEAN Business Council in collaboration with USAID (United States Agency for International Development) in March 2014. The ASEAN SME Academy aims to provide free training for MSMEs in ASEAN to improve access to financial products, global and regional markets, information services and business input, and technology and innovation. The training content and information in the ASEAN SME Academy are designed by Forbes 500 listed companies such as Google, Cisco, SAP, and HP. Currently, the ASEAN SME Academy is managed by ACCMSME and its presence will be more useful by improvising the amount and quality of content and translating the training content in it into local languages ​​so that it can be accessed by all groups and target more users as the implementation of ACRF’s fourth strategy.

In addition to the improvised development of the ASEAN SME Academy, ACCMSME has also launched the ASEAN Go Digital program in June 2020. This program is a collaboration between ACCMSME and The Asia Foundation and Google. The main objective of this program is to improve information and communication technology capabilities for MSME owners to increase their productivity and individuals who do not have permanent jobs to participate in the digital economy and help senior stakeholders understand the potential of MSMEs in the digital era. The targets of this program are 200 thousand farmers, agricultural cooperatives, home handicraft producers, and owners of other traditional businesses, totaling 200 thousand people across ASEAN. In carrying out this program, ACCMSME has coordinated with its partners consisting of non-governmental organizations (NGOs) and government organizations in various ASEAN member countries. The Asia Foundation being the main partner of ACCMSME has a role to play in tailoring the training program so that it meets the needs of each country and suits the local context, and works closely with teams of local technology professionals and volunteers in providing training. Realizing the digitization of MSMEs requires adequate supporting information and communication technology infrastructure, namely the internet. Bearing in mind the low internet penetration in several ASEAN member countries such as Cambodia, Laos, and Myanmar, it has created inequality among member countries. To overcome this, ASEAN through the ASEAN Digital Senior Officials Meeting (ADGSOM) or the ASEAN Communication and Digital Ministers Meeting and the ASEAN Telecommunication Regulators Council (ATRC) or the ASEAN Telecommunication Regulatory Council will coordinate each of the telecommunications and digital ministries of member countries in implementing efforts to increase internet penetration in rural and remote areas with the new Universal Service Obligation framework (USO 2.0). Also, to ensure internet affordability for all, ADGSOM and ATRC have prepared a regional policy framework in providing transparent and affordable international roaming services.

Empowering MSMEs through increasing digital capabilities is an important priority for ASEAN in its efforts to restore the economies of member countries because MSMEs are the backbone for almost all ASEAN member countries. The impact of the COVID-19 pandemic, which has changed the way of life of all people around the world, has made MSMEs have to adapt to maintain their business continuity. Therefore, structural handling is needed in maintaining the continuity of MSMEs as the backbone of the economy, such as cooperation at the regional level such as ASEAN as a forum for cooperation and collective action for member countries in the Southeast Asia region. The policy framework that was launched based on consensus at the 37th ASEAN Summit became a guide for ASEAN agencies related to MSMEs (ACCMSME) and digital connectivity (ADGSOM and ATRC) in coordinating government agencies of each member country involved in increasing digital capacity and digital connectivity infrastructure who supports it. This shows that ASEAN has implemented the 16th SDG which emphasizes international cooperation in realizing development, namely increasing the digital capabilities of MSMEs which are closely related to SDG 8 which promotes inclusive economic growth, and MSMEs are a means of expanding employment opportunities for the poor which are closely related to growth. an economy that is inclusive or has an impact on the people.

Adyuta Banurasmi is a senior year undergraduate student of international relations major at Universitas Pembangunan Nasional "Veteran" Yogyakarta. He has interests on Politics of Development, Political Thoughts, Public Policy, and History.

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Afghan crisis: Changing geo-economics of the neighbourhood

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The Taliban takeover of Afghanistan has caused a rapid reshuffle in the geo-economics of South, Central and West Asia. While the impact on the Afghan economy has been profound, triggering inflation and cash shortage, it’s bearing on Afghanistan’s near neighbourhood has wider far-reaching consequences. The US spent almost $24 billion on the economic development of Afghanistan over the course of 20 years. This together with other international aid has helped the country to more than double its per capita GDP from $900 in 2002 to $2,100 in 2020. As a major regional player, India had invested around $3 billion in numerous developmental projects spanning across all the 34 provinces of Afghanistan. Indian presence was respected and valued by the ousted Afghan dispensation. With the US, India and many other countries deciding to close their embassies in Afghanistan and the US deciding to freeze Afghanistan’s foreign reserves amounting to $9.5 billion, the economy of the country has hit a grinding halt. IMF too has declared that Kabul won’t be able to access the $370 million funding which was agreed on earlier. The emerging circumstances are ripe for China and Pakistan to cut inroads into the war-torn country as the rest of the world watches mutely.

Beijing’s major gain would be the availability of Afghanistan as a regional connector in its ambitious Belt and Road Initiative (BRI) linking the economies of Central Asia, Iran and Pakistan. Afghanistan is already a member of the BRI with the first Memorandum of Understanding signed in 2016. Only limited projects were conducted in Afghanistan under the initiative till now due to security concerns, geographic conditions and the government’s affinity towards India. Chinese officials have repeatedly expressed interest in Afghanistan joining the CPEC (China Pakistan Economic Corridor), a signature undertaking of the BRI. CPEC is a $62 billion project which would link Gwadar port in Pakistan’s Baluchistan province to China’s western Xinjiang region. The plan includes power plants, an oil pipeline, roads and railways that improves trade and connectivity in the region.

China also eyes at an estimated $1 trillion mineral deposits in Afghanistan, which includes huge reserves of lithium, a key component for electric vehicles. This mineral wealth is largely untapped due lack of proper networks and unstable security conditions long-prevalent in the country. Chinese State Councillor and Foreign Minister Wang Yi hosted Taliban representatives in late June in Tianjin to discuss reconciliation and reconstruction process in Afghanistan. Taliban reciprocated by inviting China to “play a bigger role in future reconstruction and economic development” of the country. After the fall of Kabul, China has kept its embassy open and declared it was ready for friendly relations with the Taliban. It had also announced that it would send $31 million worth of food and health supplies to Afghanistan to tide over the ongoing humanitarian crisis. Pakistan, a close ally of China, has on its part has sent supplies such as cooking oil and medicines to the Afghan authorities. Pakistan having strong historical ties with the Taliban will possibly play a crucial role in furthering Chinese ambitions..

The immediate economic fallout of the crisis for Iran is its reduced access to hard currency from Afghanistan. After the imposition of US sanctions, Afghanistan had been an important source of dollars for Iran. Reports suggest that hard currency worth $5million was being transferred to Iran daily before the Taliban takeover. Now the US has put a freeze on nearly $9.5 billion in assets belonging to Afghan Central Bank and stopped shipment of cash to the country. The shortage of hard currency is likely to affect the exchange rates in Iran subsequently building up inflationary pressure. Over the years, Afghanistan had emerged as a major destination for Iran’s non-oil exports amounting to $2billion a year. A prolonged crisis would curb demand in Afghanistan including that of Iranian goods with a likely reduction in the trade volume between the two countries. In effect, Iran would find itself increasingly isolated from foreign governments and international financial flows.

India had been the wariest regional spectator watching its $3 billion investment in Afghanistan go up in smoke. Long-standing hostility with Pakistan has prevented land-based Indian trade with Afghanistan and the Central Asian Republic’s (CAR’s). Push by India and other stakeholders for setting a common agenda for alternate connectivity appears susceptible at the moment. India has been working with Iran to develop Chabahar port in the Arabian sea and transport goods shipped from India to Afghanistan and Central Asia through the proposed Chabahar-Zahedan-Mashhad railway line. India is also working with Russia on the International North-South Transport Corridor (INSTC), a 7,200 km long multi-mode network of ship, rail and road routes for freight movement, whereby Indian goods are received at Iranian ports of Bandar Abbas and Chabahar, moves northward via rail and road through Iran and Azerbaijan and meets the Trans-Siberian rail network that will allow access to the European markets. According to the latest reports, the Taliban declined to join talks with India, Iran and Uzbekistan on Chabahar port and North-South Transport Corridor, which has cast shadow on the Indian interests in the region. India’s trade with Afghanistan had steadily increased to reach the US $1.5 billion in 2019–2020. An unfriendly administration and demand constraints may slow down the trade between the two countries.

With the US withdrawal, the CARs would find their strategic and economic autonomy curtailed and more drawn into the regional power struggle between China and Russia. While China has many infrastructure projects in Central Asia to its credit, Russia is trying to woo Central Asian countries into the Russia-led Eurasian Economic Union (EEU), though so far it was able to rope in only Kazakhstan and Kyrgyzstan. CARs would need better connectivity through Afghanistan and Iran to diversify their trade relations with Indo-Pacific nations and to have better leverage to bargain with Russia and China. Uzbekistan, the most fervent of the CARs to demand increased connectivity with South Asia, expressed its interest in joining the Chabahar project in 2020, which was duly welcomed by India. The new developments in Afghanistan would force these countries to remodel their strategies to suit the changed geopolitical realities.

The fact that Iran is getting closer to China by signing a 25-Year Comprehensive Strategic Partnership cooperation agreement in 2020 adds yet another dimension to the whole picture. India’s hesitancy to recognize or engage with the Taliban makes it unpredictable what the future holds for India-Afghan relations.

The hasty US exit has caused rapid reorientation in the geopolitical and geo-economic status-quo of the region. Most countries were unprepared to handle the swiftness of the Taliban takeover and were scrambling for options to deal with the chaos. The lone exception was China which held talks with the Taliban as early as July, 28 weeks before the fall of Kabul, to discuss the reconstruction of the war-torn country. Chinese Foreign Minister Wang Yi also took a high-profile tour to Central Asia in mid-July which extensively discussed the emerging situation in Afghanistan with Central Asian leaders. Since the West has passed the buck, it’s up to the regional players to restore the economic stability in Afghanistan and ensure safe transit routes through the country. Any instability in Afghanistan is likely to have harrowing repercussions in the neighbourhood, as well.

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Turkish Economy as the Reset Button of Turkish Politics

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Democracy has a robust relationship with economic growth.  Barrington Moore can be seen as one of the leading scholars focusing on the relationship between political development and economic structure with his book titled “Social Origins of Dictatorship and Democracy” first published in 1966. According to Moore, there are three routes from agrarianism to the modern industrial world. In the capitalist democratic route, exemplified by England, France, and the United States, the peasantry was politically impotent or had been eradicated all together, and a strong bourgeoisie was present, and the aristocracy allied itself with the bourgeoisie or failed to oppose democratizing steps. In Moore’s book, you can find out why some countries have developed as democracies and others as dictatorships.

It can be argued that economic development facilitates democratization. Following this argument, this article is an attempt to address the Turkish case with the most recent discussions going on in the country. One of the most powerful instruments used by the political opposition today is the rhetoric of “economic crisis” that has also been supported by public opinion polls and data. For instance, the leader of İYİ Party Meral Akşener has organized lots of visits to different regions of Turkey and has been posting videos on her social media account showing the complaints mostly centering around unemployment and high inflation. According to Akşener, “Turkey’s economic woes – with inflation above 15%, high unemployment and a gaping current account deficit – left no alternative to high rates.”

Another political opposition leader, Ahmet Davutoğlu raised voice of criticism via his social media account, saying “As if monthly prices hikes on natural gas were not enough, they have introduced 15% increase on electricity costs. It is as if the government vowed to do what it can to take whatever the citizens have.”

A recent poll reveals that about 65 percent think the economic crisis and unemployment problem are Turkey’s most urgent problems. Literature on the relationship between democracy and economic well-being shows that a democratic regime becomes more fragile in countries where per capita income stagnates or declines. It is known that democracies are more powerful among the economically developed countries.

The International Center for Peace and Development summarizes the social origins of democracy in global scale as the following:

“Over the past two centuries, the rise of constitutional forms of government has been closely associated with peace, social stability and rapid socio-economic development. Democratic countries have been more successful in living peacefully with their neighbors, educating their citizens, liberating human energy and initiative for constructive purposes in society, economic growth and wealth generation.”

Turkey’s economic problems have been on the agenda for a long time. Unlike what has been claimed by the Minister of Interior Affairs Süleyman Soylu a few months ago, Turkish economy has not reached to the level which would make United States and Germany to become jealous of Turkey. Soylu had said, “You will see, as of July, our economy will take such a leap and growth in July that Germany, France, England, Italy and especially the USA, which meddles in everything, will crack and explode.”

To make a long story short, it can be said that the coronavirus pandemic has exerted a major pressure on the already fragile economy of Turkey and this leads to further frustration among the Turkish electorate. The next elections will not only determine who will shape the economic structure but will also show to what level Turkish citizens have become unhappy about the ongoing “democratic politics.” In other words, it can be said that, Turkish economy can be seen as the reset button of Turkish politics for the upcoming elections.

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Finding Fulcrum to Move the World Economics

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Domenico Fetti / Wikimedia Commons

Where hidden is the fulcrum to bring about new global-age thinking and escape current mysterious economic models that primarily support super elitism, super-richness, super tax-free heavens and super crypto nirvanas; global populace only drifts today as disconnected wanderers at the bottom carrying flags of ‘hate-media’ only creating tribal herds slowly pushed towards populism. Suppose, if we accept the current indices already labeled as success as the best of show of hands, the game is already lost where winners already left the table. Finding a new fulcrum to move the world economies on a better trajectory where human productivity measured for grassroots prosperity is a critically important but a deeply silent global challenge. Here are some bold suggestions

ONE- Global Measurement: World connectivity is invisible, grossly misunderstood, miscalculated and underestimated of its hidden powers; spreading silently like an invisible net, a “new math” becomes the possible fulcrum for the new business world economy; behold the ocean of emerging global talents from new economies, mobilizing new levels of productivity, performance and forcing global shifts of economic powers. Observe the future of borderless skills, boundary less commerce and trans-global public opinion, triangulation of such will simply crush old thinking.

Archimedes yelled, “…give me a lever long enough and a fulcrum on which to place it, and I shall move the world…”

After all, half of the world during the last decade, missed the entrepreneurial mindset, understoodonly as underdog players of the economy, the founders, job-creators and risk-taker entrepreneurs of small medium businesses of the world, pushed aside while kneeling to big business staged as institutionalized ritual. Although big businesses are always very big, nevertheless, small businesses and now globally accepted, as many times larger. Study deeply, why suddenly now the small medium business economy, during the last budgetary cycles across the world, has now become the lone solution to save dwindling economies. Big business as usual will take care of itself, but national economies already on brink left alone now need small business bases and hard-core raw entrepreneurialism as post-pandemic recovery agendas.

TWO – Ground Realities:  National leadership is now economic leadership, understanding, creating and managing, super-hyper-digital-platform-economies a new political art and mobilization of small midsize business a new science: The prerequisites to understand the “new math” is the study of “population-rich-nations and knowledge rich nations” on Google and figure out how and why can a national economy apply such new math. 

Today a USD $1000 investment in technology buys digital solutions, which were million dollars, a decade ago.Today,a $1000 investment buys on global-age upskilling on export expansion that were million dollars a decade ago.  Today, a $1000 investment on virtual-events buys what took a year and cost a million dollars a decade ago. Today, any micro-small-medium-enterprise capable of remote working models can save 80% of office and bureaucratic costs and suddenly operate like a mini-multi-national with little or no additional costs.

Apply this math to population rich nations and their current creation of some 500 million new entrepreneurial businesses across Asia will bring chills across the world to the thousands of government departments, chambers of commerce and trade associations as they compare their own progress. Now relate this to the economic positioning of ‘knowledge rich nations’ and explore how they not only crushed their own SME bases, destroyed the middle class but also their expensive business education system only produced armies of resumes promoting job-seekers but not the mighty job-creators. Study why entrepreneurialism is neither academic-born nor academic centric, it is after all most successful legendary founders that created earth shattering organizations were only dropouts.  Now shaking all these ingredients well in the economic test tube wait and let all this ferment to see what really happens.

Now picking up any nation, selecting any region and any high potential vertical market; searching any meaningful economic development agenda and status of special skills required to serve such challenges, paint new challenges. Interconnect the dots on skills, limits on national/global exposure and required expertise on vertical sectors, digitization and global-age market reach. Measuring the time and cost to bring them at par, measuring the opportunity loss over decades for any neglect. Combining all to squeeze out a positive transformative dialogue and assemble all vested parties under one umbrella.

Not to be confused with academic courses on fixing Paper-Mache economies and broken paper work trails, chambers primarily focused on conflict resolutions, compliance regulations, and trade groups on policy matters.  Mobilization of small medium business economy is a tactical battlefield of advancements of an enterprise, as meritocracy is the nightmarish challenges for over 100 plus nations where majority high potential sectors are at standstill on such affairs. Surprisingly, such advancements are mostly not new funding hungry but mobilization starved. Economic leadership teams of today, unless skilled on intertwining super-hyper-digital-platform-economic agendas with local midsize businesses and creating innovative excellence to stand up to global competitiveness becomes only a burden to growth.

The magnifying glass of mind will find the fulcrum: High potential vertical sectors and special regions are primarily wide-open lands full of resources and full of talented peoples; mobilization of such combinations offering extraordinary power play, now catapulted due to technologies. However, to enter such arenas calls for regimented exploring of the limits of digitization, as Digital-Divides are Mental Divides, only deeper understanding and skills on how to boost entrepreneurialism and attract hidden talents of local citizenry will add power. Of course, knowing in advance, what has already failed so many times before will only avoid using a rubber hose as a lever, again.  

The new world economic order: There is no such thing as big and small as it is only strong and weak, there is no such thing as rich and poor it is only smart and stupid. There is no such thing as past and future is only what is in front now and what is there to act but if and or when. How do you translate this in a post pandemic recovery mode? Observe how strong, smart moving now are advancing and leaving weak, stupid dreaming of if and when in the dust behind.

The conclusion: At the risk of never getting a Nobel Prize on Economics, here is this stark claim; any economy not driven solely based on measuring “real value creation” but primarily based on “real value manipulation” is nothing but a public fraud. This mathematically proven, possibly a new Fulcrum to move the world economy, in need of truth

The rest is easy  

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