This research contribution examines the process towards digital globalization that is characterizing the world economy, its impact on businesses, consumers, and governments. If the current crisis is pushing towards deglobalization, at the same time, Covid-19 represents a challenge for digital globalization and the digital transformation of economies. Covid-19 is causing a shock to the global economy that is proving to be both faster and more severe than the 2008 global financial crisis. The growth of data and information related to digital globalization determines that global economic, financial, and social connections increase through digital platforms. It brings about relevant changes regarding how business is conducted across borders, the flow of economic benefits, and broadening participation. The impact of the 4IR on urbanisation development in Malaysia refers to a set of highly disruptive technologies, such as artificial intelligence (AI), robotics, block chain and 3D printing, that are transforming social, economic and environment ecosystems and putting huge pressure on leaders and policy-makers to respond.ĭigital globalization is a new form of globalization. This paper will explore how the 4IR is changing environmental sustainability in emerging cities, shining a light on existing and future opportunities for these cities to harness innovation for sustainable outcomes. The transformation of the manufacturing industry, through Industry 4.0, is also in line with the United Nations' Sustainable Development Goals (SGDs).
This competitiveness hinges on the ability to transform by responding to market shifts and technology trends. Nations and manufacturing firms that lead in embracing Industry 4.0 technologies and processes will gain over global competitors. The Fourth Industrial Revolution (4IR) changes the global landscape of manufacturing competition, reducing the relative competitive advantage of low-cost regions that rely on cheap labour. However, it has not attained the same level of progress on product design and manufacturing processes which can help facilitate better use of materials. The manufacturing industry has made some progress in recent years on materials, waste management, recycling and energy efficiency initiatives. These are done by facilitating the transformation of the manufacturing industry and its firms, advancing to the next technology frontier and raising their economic wellbeing. Nations are now increasing their focus on developing advanced manufacturing capabilities by investing in high-tech infrastructure and quality education. The ramification it brings for manufacturing firms is forcing nations and governments to re-evaluate how the manufacturing industry operates and contributes to economic growth. Many see these changes as an ushering of new era of growth, change and opportunity. However, we know that this transformation is unlike anything we have seen before due to the sheer pace and breadth of these changes.
It is difficult to predict precisely how this transformation will impact different industries and countries.