The Impact of Digitalization and Trade Openness on Economic Growth: New Evidence from Richest Asian Countries

Economic growth is an important part of the main national social and economic development goals. Much political and scientific research has sought to figure out how to maximize welfare and improve competitiveness and economic growth. Therefore, the analysis of economic growth and its determinants is important for all developed and developing economies. Why is economic growth increasing faster in some countries, for example Asian countries, than others? Most empirical research addressing this question focuses on a few explanatory variables to respond to the statistical challenges posed by a limited number of countries. Where selected variables are driven by policy or theory values. However, because researchers disagree about which explanatory variables are the most important a priori, there is often only partial overlap between the variables considered in the various empirical studies.

Discussions about digital transformation have been circulating for years, but they are poorly explained. Indeed, the digital transformation of business models, how business models can be digitally transformed, steps and tools to consider and examples of available catalysts. Similarly, digitization is due to a fundamental shift in corporate thinking, systems, and the fundamental tools needed to realign part of the economy or the entire country. Digital transformation is about using the digital fabric to change the technological fabric of society. With structure, products, services, user experience, processes, etc. We mean anything that consists of parts organized together, such because of digitization, the physical and social aspects of buildings have changed.

Digitizationreducesthecostsofthemarketingstrategy.Thisstrategyoftenspansalongperiodoftimeand reaches the enthusiasm of thousands of cyber and e-shoppers. Here the consumer is no longer passive but hedonistic because he becomes an actor in his consumption and values participation. In fact, the internet has become a tool for the surfer to see, evaluate and buy a product. Amazon, for example, pioneered collaborative marketing techniques by asking readers to write book reviews and organizing such follow-ups. For this reason, most websites offer banner ads on their homepage. It's about promoting their products and making their brand interactive.Thewebis"ashowcaseforacompany"and enablestheadvertisertoachievevariousgoals.

Digitalization and commercial openness are very important and topical issues in terms of the change that affects the world economy, which is becoming based on the development of technology and the expansion of communication, the aim of which is to improve economic growth and to stimulate sustainable development. In this section, we will present the works that focus on the link between digitalization and economic growth and on the link between trade openness and economic growth.