Accelerating Sustainable Growth
In this report by Deloitte commissioned by Telia, Deloitte have taken a closer look at how the services made possible by digitalization can accelerate more sustainable growth in the Nordics and Baltics.
The Nordic economies (Norway, Sweden, Denmark and Finland) have historically performed well but are facing a number of socio-economic challenges. These include low economic and productivity growth, high unemployment, especially amongst young people, as well as rising cost of healthcare for a growing and aging population. The Baltics (Estonia, Latvia and Lithuania) face similar economic challenges to the Nordics and are still behind other EU countries’ income and productivity.
According to the report findings, increasing the scope and scale of digitalization in the Nordics and Baltics could add up to €100bn to the Nordic and Baltic economies in 2021, while also contributing to all dimensions of development covered by the United Nations. For example:
Boosting sustainable growth: Enhanced use of digital solutions among governments, businesses and consumers may increase productivity by 3.5% on average across the Nordics and Baltics while creating up to an additional 470,000 jobs.
Improving people’s lives: Up to 23,000 untimely deaths could be avoided through e-healthcare, while connected smart transportation could save up to 1,000 lives annually on our roads in 2021.
Protecting the environment: Increased digitalization of the Nordic and Baltic economies could enable a reduction of greenhouse gas emissions by up to 20%. That equates to taking nearly 9 million cars off the roads for a year.
Connected digital solutions can enable better access to quality education, new innovative jobs for our youths, improved healthcare for a growing and aging population, more efficient use of natural resources, as well as safer and cleaner cities and transportation.
However, while digitalization may unlock new more sustainable economic growth, a number of significant barriers still need to be successfully addressed to realize the opportunities of digital services. These include development of the regulatory environment for complex issues such as privacy, data security, taxation of shared assets and liability for machine actions.