Through this process, wealth is created, incremental step by incremental step, as high levels of productivity associated with innovative technologies displace less-efficient productive capacity. The model presupposes the continuous churning of a flexible competitive economy in which the new displaces the old.
As we gear up toward recovery, we are also building the foundation of the “New Economy” through digitalization and financial inclusion. Why finance digitalization? Financial technology makes transactions easier and faster, which in turn, speeds up income. It also makes financial products and services accessible to a greater number of people, which in turn, enhances financial inclusion.