As world leaders and top business minds convene in Davos, Switzerland for the annual World Economic Forum, the outlook for the global economy remains uncertain.
The International Monetary Fund cut its 2016 global growth forecast earlier this week to 3.4% from a previously reported 3.6%, back in October 2015. This slowdown in China's economy fans fears about global growth worries.
China's economy grew by 6.9% in 2015, a far cry from the 10%-plus growth back in 2010. The IMF says China's GDP will grow by 6.3% in 2016. China worries have contributed to a steep decline in global markets in recent weeks, with the S&P 500 and the Dow Jones Industrial Average down 8% and 8.5% respectively, since the start of the year.
"Everyone is watching China," Sweet adds. "There's a ton of uncertainty, and I think at the same time, if we look back over the past few years, we've definitely been navigating a lot more uncertainty in the global economy. Here in Davos, it's [about] putting the finger on the need to look for new types of growth to be able to navigate this type of uncertainty."
One type of growth stems from the digital economy, which is worth $5.9 trillion in the United States, representing 33% of gross domestic product, according to Accenture. This is larger than any other country. "The digital economy is really broad today," she said. "The way we look at the digital economy is the digital skills that are being used in the economy, the capital that's being invested and then the intermediate goods and services."
Sweet said corporate America is looking for new ways of growing, as the U.S. economy experiences low growth, despite performing better than the rest of the world.
Sweet expects the U.S. to remain on top in terms of digital economic prowess. "The U.S. is very much the center of innovation and we see that the way to accelerate the digital economy in the U.S. is to invest more in digital skills. We see technology continuing to be the leading edge."