As ECLAC (2021) [1] indicates, the gaps between local capabilities and the technological frontier in advanced sectors place science, technology, and innovation in a central role within development policy, and for the “development of the economy and society, they have become fundamental tools for the transformation of productive structures, the rational exploitation of natural resources, and other social needs.”
Regarding Latin America, ECLAC establishes that “almost two years of the pandemic have been enough to expose some of the structural problems of a region that is in the process of transition to a new stage of development… it is key to renew the areas of action and cooperation for a transformative recovery that allows for reducing social inequalities and productive heterogeneity, improving competitiveness, and reducing the environmental vulnerability faced by many citizens.” ECLAC speaks of a “transformative recovery,” which will depend on what is promoted in the digital sphere and “how these changes are incorporated into the economy and society.”
ECLAC (2021) emphasizes that “the importance of digital technologies is undeniable; the digital revolution, which combines the adoption and integration of advanced digital technologies, is rapidly transforming the economy and society by virtue of its potential to increase people’s well-being, transform business productivity, and improve the efficiency and effectiveness of the State.”
For its part, the World Economic Forum[2] has indicated that, when the global COVID-19 pandemic occurred, countries needed to focus on economic transformation to provide economic growth while meeting social and environmental needs. The pandemic dealt a severe blow to economies, exacerbating social crises, with governments focused on strict measures that prioritized public health over commercial and economic activities. Public measures have focused on combating poverty, protecting jobs, and safeguarding sectors and businesses of strategic or social importance, with a setback or postponement of commitments and actions to protect the environment.
The global crisis has highlighted the need to resume this economic transformation with a creative combination of cutting-edge technological and socio-institutional innovation, what the WEF calls the construction of the “markets of tomorrow,” since “economic value is produced through available technological capabilities, organized and distributed through formal and informal institutions” (WEF, 2020).
[1] ECLAC, 2021. Innovation for Development: The Key to a Transformative Recovery in Latin America and the Caribbean. Santiago: Economic Commission for Latin America and the Caribbean, 2021.
[2] Work Economic Forum (2020). Markets of Tomorrow: Pathways to a New Economy. Work Economic Forum. Insight Report, October 2020