Top IMF official said that the MENA region still consumes more innovations than it produces even after the digital revolution it witnessed following COVID-19.

“Digital transformation is clear, there is still a lot of untapped potential in the MENA region,” according to Deputy Managing Director at the International Monetary Fund (IMF), Bo Li.

“Smartphones are widely used, but digital payments and e-commerce are still in early stages,” he added.

A lot of disparities in digital adoption can be found in the MENA region, most notably between countries with low-income and GCC countries.

The way to unlock this potential, according to Li, is by young entrepreneurs who can “rapidly adopt new technologies, becoming not only consumers but also innovators and entrepreneurs.”