Transformations of the global economy: challenges and perspectives in the era of the digital revolution

TRANSFORMATIONS OF THE GLOBAL ECONOMY: CHALLENGES AND PERSPECTIVES IN THE ERA OF THE DIGITAL REVOLUTION

Relevance.

In a world marked by rapid technological advancements, the digital revolution is becoming a defining factor for the global economy. In light of this, our article is aimed at a systematic analysis of the changes brought about by this revolution, as well as identifying key challenges and prospects associated with its implementation.

The era of digital transformation introduces a series of fundamental changes in the ways of conducting business, social interactions, and the interconnectedness of countries at a global level. From increased automation to the emergence of new business models such as platform economies and ecosystems, the modern era is characterized by extraordinary dynamics of change.

The problem lies in the need to adapt traditional economic models to the new realities of the digital age. This poses challenges for both governmental bodies overseeing the economy and the private sector, which is forced to quickly respond to changes in the digital environment. Ensuring data security and cybersecurity in the expanding digital technology landscape is also an important issue.

The relevance of this topic to important scientific and practical tasks lies in the necessity of developing new theoretical approaches to analyzing the impact of digitization on the global economy, as well as creating practical tools for effective management of economic processes in the era of digital revolution. Research in this field will help identify potential risks and opportunities associated with digital technologies and develop strategies for successful adaptation to new challenges.

Analysis of recent research and publications.

Digital transformation, due to its significance, has attracted the attention of researchers from various fields, which is reflected in a wide range of scientific studies. According to Smith's research [1, p. 45], the digital revolution plays a key role in changing the global economy, opening up new development perspectives and reshaping the structure of production and economic relationships. Johnson [2, p. 62] emphasizes that artificial intelligence (AI) has a significant impact on business processes, optimizing their functioning and making substantial changes to the labor market dynamics.

 Brown and Collins' work [3, p. 112] examines the influence of blockchain technologies on financial markets. The authors highlight the potential of blockchain for optimizing financial operations and also draw attention to possible risks associated with the application of this technology. Harris and Peterson [4, p. 78], in their research, analyze the social aspects of the digital revolution, highlighting its impact on social relationships and the structure of society.

Research Objectives.

1. To study the impact of the digital revolution on the global economy and identify the main transformations taking place in this process.
2. To assess the prospects for the development of the global economy in the context of digital transformation and identify key challenges faced by economic entities.
3. To analyze the role and influence of artificial intelligence on business processes in the context of the digital revolution.
4. To investigate the potential of blockchain technologies for optimizing financial markets and identify possible risks associated with their application.
5. To examine the social aspects of the digital revolution and evaluate its impact on social relationships and the structure of society.

Research Results.  

The digital revolution is bringing about profound changes in the structure of the global economy, influencing key aspects of business, social relations, and global development. Against this backdrop, it is necessary to consider a number of key aspects and challenges that accompany digital transformation.  

Technological innovations and economic growth: Smith and Johnson's research emphasizes that digital technologies, including artificial intelligence and the Internet of Things, contribute to increased productivity and efficiency in business processes. They create new opportunities for innovation and development, which in turn stimulate economic growth.