The General Economic Effects Of Digital Transformation on the Global Economy In The Third Millennium

Abstract

The person, his way of thinking, and his freedom of speech are all influenced by the political system; yet, the rights of the people have a more significant impact than the system itself. As a consequence of this, the majority of cutting-edge discoveries originate in Western nations. Globalization was the primary force behind the transmission, development, and expansion of the digital economy, notwithstanding the modernity of the digital economy itself. Since the technical variable has become a force element for the state in addition to economic and military power, the active international position in the new global order belongs to whoever wields digital power. It is because the technological variable has become a force multiplier. Because of this, the purpose of the entirety of this paper is to reveal the interrelated relationship between growth and the digital economy, as investments in information and communication technology lead to raising productivity and growth. It is because the digital economy is based on science, knowledge, and technologies, particularly in activities that include science and expertise in their composition. Even though it is not the only factor that leads to growth, it is the primary focus of this paper. In light of these recent developments, information and communication technology has played an essential role in the economy's expansion. It is because it has led to a reduction in the costs of production, an improvement in the quality of the product, the establishment of the rule of competition in production, and the transformation of the production pattern from traditional (typical) output to display that caters to the preferences and inclinations of consumers. The information and communication technology services industry includes specialized knowledge services and technical skills that boost job options. Some examples of these talents are computer and programming skills.