The world has faced several trends in the last ten years. These trends are well-known as megatrends.
Megatrends, popularized in 2016 by PricewaterhouseCoopers (PWC), consists of five aspects,
including the rise of technology, demographic change, rapid urbanization, climate change, and shifts
in global economic power. Those five aspects then morphed into four, involving shifts in geopolitics,
rise of middle-class income, rise of emerging economies, and international trade/financial integration.
At the end of 2019 and early 2020, COVID-19 successfully distorted the circular flow of income in
almost all sectors, from households, governments, and businesses to the rest of the world. However,
Baldwin (2020) points out that even though all sectors of the economy have been affected by a flow
disruption, the impact is not equally distributed throughout the system (see Figure 1). In addition,
technology disruption during the pandemic has forced all stakeholders to innovate and be creative.
In this situation, every country in the world should be able to adapt and adopt this digital
transformation as one of the efforts to accelerate economic recovery and realize economic resilience.