A new report from the Organization for Economic Co-operation and Development (OECD) studies the economic impact of cross-border data regulations.
While acknowledging the challenges related to privacy and data protection, national security, cybersecurity, digital protectionism, and regulatory oversight, the OECD report highlights the critical role of cross-border data flows in modern social and economic activity. This has resulted in a significant increase in regulations prohibiting or placing conditions on data flows.
In analysing the economic consequences of such measures, the report estimates that complete fragmentation of data flows could decrease global GDP by 4.5% and reduce exports by 8.5%. The absence of data regulations would also have negative economic outcomes, with global GDP falling by around 1% and global exports by just over 2%.
In contrast, the OECD report finds open data regimes with appropriate safeguards could boost global GDP by 1.77%, with global exports growing by 3.6%.
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