The Impact of COVID-19 on the Digital Transformation of the World Economy

Abstract

The article considers the influence of the digital economy on the development of the contemporary labor market, as this problem is currently most important and relevant. This study analyzes the positive and negative effects of the COVID-19 pandemic on the current labor market, as well as the changes it has led to. Today, the global trend of the digital world economy is entering an active phase of its development. "Industry 4.0" and new advancements in leading digital technologies at the state and corporate level have started to develop massively, both in business strategies and in government programs, especially in the leading countries of the world. The COVID-19 pandemic has had a great impact on the process of digital transformation of the society. It has really become a catalyst for the digitalization of the economy. Such trends as increasing sales through digital channels, growing Internet usage, the use of digital technologies to track the spread of infectious diseases and provide medical care, transfer of employees to remote work, and increasing demand for online education are now clearly visible. An important role in overcoming the crisis is played by public private partnerships and investments in digital technologies adaptation. To accelerate digital transformation of the national economy and make it more competitive, we can identify a number of promising directions and measures to be taken. Firstly, it is necessary to increase the amount of funding required to introduce new digital technologies in the real sector of the economy. Secondly, companies should transfer to digital business models. Moreover, the legal foundations for the digital economy and regulatory practice require improvement. Finally, it is necessary to develop special programs aimed to improve digital financial literacy. The pandemic has shown the importance and relevance of digital technologies regarding the organization of work practices in various fields, including leisure, preventing the spread of the virus, and conducting business. Rebuilding the global economy after COVID-19 will require significant costs.