Whether you think it is a boom or a bubble, the surge in tech stocks has focused minds on how technology can impact our lives. But stock prices are volatile and for all we know, there could be a horrible correction in the tech sector someday. After all, that happened when the infamous tech bubble burst at the turn of the century. However, while billions of dollars of market valuation were wiped out then, the actual scientific advances and resulting innovations continued to grow, eventually triggering transformational changes in whole industries — and creating true value in the market.

Our view is that we are on the cusp of a similar surge of technology-driven transformation, one that could unleash tremendous value creation. The implications are generally positive for global economic growth, but there are bound to be some painful dislocations. Policymakers in our region will have to devise ways to respond to these opportunities and risks.

The revolutions in technology are everywhere

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