Digital transformation : enhancing economic development in small states

Abstract

Over the past two decades, both scholars and practitioners who work within the field of small states have discussed potential policies and ideas on how to enhance economic development in small states, mainly through improved resilience and sustainability. This is likely to ensure that the economies of such states remain competitive (Briguglio et al., 2006; Fabri, 2014; Jayaraman, 2006). The overall challenge for any country, with no exception to small states, is that in order to maintain resilient and sustainable economies, one has to consistently adapt to the constant changes in the external and internal economic environment. These changes, which are mainly attributed to technological progress, mean that there is no constant recipe for economic success. To ensure resilience and sustainability, economic growth planning in small states needs to be adapted to economic change (Raco and Street, 2012) and leverage advancements in technology.