McKinsey says digital finance adoption could add trillions to high growth economies
Adoption of digital finance could add $3.7 trillion dollars to the GDP of emerging markets economies, including $1.1 trillion in China alone, according to a new McKinsey & Company report.
The strategy consulting firm’s Global Institute released Digital Finance For All: Powering Inclusive Growth in Emerging Economies, at a New York event featuring a keynote by Gates Foundation co-chair Melinda Gates.
“The motivation for this report was to better measure the value of digital finance and greater financial inclusion in emerging markets,” McKinsey’s Susan Lund, a co-author said. “Few doubt that financial inclusion and mobile money dramatically reduce costs or boost economic growth. We wanted to apply our analytical tools to more accurately size what it’s worth to these regions.”