2023-Public-Sector-Perspectives

Michaela Murphy Global Public Sector Banking, Citi Gulru Atak Head of ICG Franchise Growth & Incubation, Citi Emerging Technology for Emerging Markets: How Innovation Can Drive Sustainable Development I nnovation is a key driver of economic growth and progress across the globe. As the world emerges from the COVID-19 era, two trends in particular — the greater focus on environmental, social and governance (ESG) issues and the proliferation of digital technology — have intensified. The development sector’s focus is on reducing poverty and increasing prosperity for all by reaching the “last mile” unbanked populations, mobilizing private sector capital or garnering investor participation in a new age of sustainable and innovative financial products. These ESG objectives are codified in the UN Sustainable Development Goals (SDGs), which were agreed in 2015 and are intended to be achieved by 2030. Technology has a key role to play in achieving these objectives. However, caution must be exercised: new technologies can also have detrimental effects, potentially increasing inequality or outpacing a society’s ability to adapt. 1 Digital development: The great divide In the private sector, every firm will soon be a digital business or at minimum, have a digital strategy. To succeed in the digital economy, CEOs must make critical decisions about their approach. The public and development sectors also need to adapt to the digital age and help enable institutions and citizens to operate and thrive in this new era. Dustin Ling Global Public Sector Banking, Citi 1 https://unctad.org/page/technology-and-innovation-report-2021 Citi Perspectives for the Public Sector 57