Global Governance and the Role of the G20 in the Emerging Digital Economy

Abstract

Recent decades have seen a rapid digital transformation resulting in important and sometimes even crucial changes in business, society and the global economy. After the global crisis of 2008-2009, digital industries have been among the most dynamic and promising in the global economy. Nevertheless, the world lacks equilibrium between benefits and risks in the digital economy, which explains the need for global governance in this sphere.This article analyzes the role and characteristics of the G20 in the introduction of global governance in the digital economy. The authors review what's meant by the digital economy and define the key characteristics of this sector, as well as highlight the challenges to international cooperation, analyze the digital strategies of G20 countries, study the G20's participation in the global governance of the digital economy, analyze the potential for the leaders of China and Russia, and make recommendations concerning the participation of the G20 in the global governance of the digital economy.The authors arrive at the following conclusions. First, society has to govern the digital economy properly in order to eliminate disparities between developed and developing countries, as well as address cyber security and other threats, and promote a higher quality of life for all. Second, the G20 has very limited experience in the governing of the digital economy, but as a leader in terms of soft power, and as an organization with limited membership that includes both countries with a developed digital sector and countries that lag behind, it may play a great role in the digital economy's global governance. Third, the US has historically been a leader in the IT sector and the digital economy. In recent years, China has sufficiently improved its positions, which allows it to aspire to a higher role in global governance. Russia may also play a greater (though not a leading) role, taking into account its experience and potential. governance more often. Also, the G20 should position itself properly and actively in the sphere of digital governance, so as to optimize its functions as the hub of global governance.

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