How article 29 effects to economic?

Answer 1

Article 29 of the General Data Protection Regulation (GDPR) pertains to data protection and privacy, particularly regarding the processing of personal data. Its implications for the economy are significant, as it establishes strict guidelines for data handling, which can enhance consumer trust and promote fair competition. However, compliance can also impose operational costs on businesses, particularly small and medium enterprises, potentially affecting their growth and innovation. Overall, while it aims to protect individual privacy, it also introduces complexities that can influence economic dynamics.