Financial expert analyzes: Germany lagged behind in the digital race - there is a lot of catching up to do in AI, technology and future readiness

Financial expert analyzes: Germany lagged behind in the digital race - there is a lot of catching up to do in AI, technology and future readiness

According to a report by www.faz.net,

The digital year 2023 was primarily characterized by American companies that experienced a meteoric rise. Germany, on the other hand, was weak in terms of digital competitiveness. The IMD ranking of digital competitiveness now lists Germany in 23rd place, and in the WIPO Global Innovation Index it is only 32nd in information and communication infrastructure.

The need to catch up when it comes to digital talent and technologies is particularly clear. Germany ranks 58th out of 64 countries examined in terms of the population's digital knowledge. Germany also only achieved 34th place in the digital technologies category. In particular, communication technology and coverage with fast mobile communications lag behind in international competition.

Germany's future viability in the digital sector is assessed critically, as Germany is only ranked 24th in the “Future Readiness” category. This suggests that Germany is lagging behind in terms of its ability to adapt to digital progress and the integration of information technology.

All of these factors have an impact on the market and the financial industry. Germany's weak digital competitiveness could lead to German companies losing international market share. At the same time, international companies, especially from the USA and China, could increasingly penetrate the German market because they are better positioned in their digital capabilities.

It is important that Germany invests in training digital talent and promoting digital technologies to strengthen its competitiveness. Otherwise, the country could continue to lose market share.