Minister of Economy Warns of Digital Economy Collapse If Iran Misses Fourth Industrial Revolution

The Minister of Economy stated, "The Fourth Industrial Revolution has begun. To reform the country's economic governance, we must keep up with the rapid changes in the domestic digital economy."

Seyed Ali Madani Zadeh, the Minister of Economic Affairs and Finance, spoke today at the Accountant's Day ceremony. He said, "The Fourth Industrial Revolution has started, and if we are not careful, we will fall behind its high speed. Countries that lagged in the Third Industrial Revolution are now trying to catch up to improve their per capita income. If we fall behind this opportunity, we will join the ranks of low-income countries. The Fourth Industrial Revolution refers to the digital economy and data economy. If we do not use the available opportunity, we will witness the death of the entire digital economy in Iran."

Challenges and Opportunities

He continued, "The Fourth Industrial Revolution solves many of the country's problems and imbalances and reforms economic governance. We are in an undesirable state of economic governance. Now an external opportunity has arisen for us. It helps us improve our policies and institutional structure and upgrade from the current systemic balance to a higher systemic balance, which requires the realization of the digital economy in our companies. Otherwise, our companies will no longer be able to participate in the capital market or attract investment and will not grow. An investor will not go to a place where the balance sheets are loss-making. In the last 10 years, the world's economic giants have shifted from traditional to digital."

Call to Action for the Accounting Community

The Minister of Economy addressed the accounting community, stating, "Transitioning from the traditional system to the digital technology system is very challenging. However, if you really want to bring about transformation in the country's economy, help ensure these reforms are implemented."