5G to drive global economic transformation: FTO’s coordinator

ISLAMABAD: Coordinator to Federal Tax Ombudsman Meher Kashif Younis on Sunday said it is evident that 5G has the potential to revolutionize industries and drive economic transformation on a global scale.

Speaking at a seminar on “The role of 5G in Economy” under the aegis of Gold Ring Economic Forum, a strategic think tank, he said the impact of 5G on the economy is expected to be significant, with numerous potential benefits across various industries, said a news release.

He said 5G technology will open up new possibilities for innovation and entrepreneurship. “Startups and businesses will be able to leverage the high-speed and low-latency capabilities of 5G to develop and deploy new applications, services, and business models. This will spur economic growth, create jobs, and drive technological advancements”, he added. He said this improved connectivity will enable faster and more reliable communication between devices, leading to increased productivity and efficiency across industries.

He said the low latency and high reliability of 5G networks will enable real-time monitoring and control of machinery, improved supply chain management, predictive maintenance, and overall operational efficiency.

He said this will fuel the growth of mobile-based services, such as mobile gaming, streaming platforms, e-commerce, and mobile advertising.

Meher Kashif Younis said the widespread adoption of 5G is expected to contribute significantly to economic growth and productivity gains.

According to estimates by the World Economic Forum, 5G deployment could generate $13.2 trillion in global economic output by 2035. The increased efficiency, automation, and innovation brought about by 5G will create new business opportunities, attract investments, and drive economic competitiveness, he added.

It’s worth noting that the full impact of 5G on the economy will unfold over time as the technology matures and more use cases are developed. It will also facilitate the growth of telemedicine, allowing healthcare providers to deliver remote consultations and remote patient monitoring, said adding that it also facilitate the growth of telemedicine, allowing healthcare providers to deliver remote consultations and remote patient monitoring.