Digitalization as a Trend of Modern Development of the World Economy

Abstract

Transformation of economies with the application of information and communication technologies not only strengthens the competitiveness of countries in the international market, but also helps optimize and improve business processes in the international business environment. The purpose of the academic paper is to study the impact of digitalization on the development of the world economy on the example of the economies of the European Union member states. The following methods have been used, namely: analysis, description, generalization, induction, deduction, tabular representation, graphical representation, correlation analysis, systematization and grouping. Results: The positions of the European Union member states that are actively implementing the Digital Single Market strategy have been analyzed. It has been established that according to The Digital Economy and Society Index (DESI), Finland, Sweden, Denmark, the Netherlands and Malta have been among the top 5 leaders with the highest level of digitalization of the economy in 2020. Based on the study of The IMD World Digital Competitiveness Ranking, it has been found that the European Union member states, which are among the top 10 leading countries, such as: Denmark, Sweden and the Netherlands, have a high level of ability and readiness to research and implement digital technologies in order to achieve economic transformation and business transformation. The results of the correlation analysis have revealed the interrelationship between the values of Digital single market – promoting e-commerce for individuals and Enterprises that have provided training to develop / upgrade ICT skills of their personnel (%). It has been proved that Sweden, Malta and Estonia show a very high positive correlation, which indicates that these countries are actively implementing digital technologies in the development of economic processes.