Digital economy can serve as a solution because it constitutes cross-border economy, without distance and sector constraints. If it develops within a good ecosystem, it can create a digital spillover to the non-digital economic sector.
Jakarta (ANTARA) - Indonesian Ambassador to Turkey, Lalu Muhamad Iqbal, advocated digital economy as a solution to the global economic crisis at the Bosphorus Summit, which was held in Istanbul from March 8 to 9 this year.

Digital economy can serve as one of the solutions to the global economic downturn caused by the COVID-19 pandemic, he said in a written statement released on Tuesday.

"Digital economy can serve as a solution because it constitutes cross-border economy, without distance and sector constraints. If it develops within a good ecosystem, it can create a digital spillover to the non-digital economic sector," he observed.

Quoting Oxford Economic data, Iqbal said the global digital economy was valued at US$11 trillion (Rp158,640 trillion) in 2016 and its value is projected to more than double to US$23 trillion (Rp331,703 trillion) in 2025.

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Indonesia's digital economy is projected to reach US$40 billion (Rp676,9 trillion) this year, he said.

Meanwhile, Turkey's digital economy is expected to touch US$15 billion this year and grow to US$30 billion in 2023, he noted.

"To that end, Indonesia and Turkey have recently started to push for digital economic cooperation," he said.

The Bosphorus Summit is a strategic forum for the Balkan region that is held every year in Istanbul, Turkey. The forum brings together CEOs, policymakers, politicians, academics, senior journalists, and social and non-governmental organization activists from Balkan countries.

The 11th Bosphorus Summit was the first international-scale forum to be held in Turkey since the COVID-19 pandemic broke out last year.

The Indonesian Embassy in Ankara served as a strategic partner in organizing the summit this year. (INE)

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Translator: ashinta Difa P/Suharto
Editor: Yuni Arisandy Sinaga
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