Navigating the Future: Exploring FinTech’s Strategic Impact, Competitiveness, and Sustainability (A Conceptual Review)

In many developing countries, export earnings make for a significant portion of the country’s gross domestic product (GDP), government revenues and expenditures, and public investment. The economy’s reliance on a small number of export goods makes it more vulnerable to global market price fluctuations. Not only does volatility in export revenues diminish the economy’s ability to finance development but it also generates uncertainty about future growth. Economic diversification emphasizes the need of productivity growth in balancing development and reducing dependence on international markets. The new economy, powered by digital technologies, has the potential to assist poor countries diversify their output and boost economic growth. Building capacity for digital development improves the country’s ability to foster innovation, generate knowledge, and transmit information.