DEVELOPMENT OF THE INFORMATION ECONOMY UNDER THE

CONDITIONS OF GLOBAL ECONOMIC TRANSFORMATIONS:

FEATURES, FACTORS AND PROSPECTS
Abstract
Change is unidirectional and irreversible in prevailing human monetary
movement (financial area). Such change is driven by more slow or quicker
ceaseless improvement in efficiency development rates. Advances in innovation
power efficiency in development itself, the inflow of valuable advancements,
collected useful information and experience, levels of training, reasonability of
organizations, nature of the independent directors, and coordinated human
exertion. Individual area changes are the results of human, financial advancement.
Various challenges affect the mode in which businesses operate. It includes issues
like environmental change, dry spells, floods, and wrecking fires affecting trade
and day-to-day existence. Also, naturally unreasonable food creation, which adds
up to 70 percent of worldwide biodiversity, is a big challenge. There is also the
issue of mounting metropolitan waste with 7-10 billion tons created worldwide
every year and numerous urban communities lacking safe and naturally sound
waste administration frameworks.
Further rising zoonotic illnesses like COVID-19 show the weaknesses of
these frameworks and the requirement for reinforced worldwide versatility and
decreased disparities, including orientation imbalance. The importance of well-
designed institutions is one of the most significant variables. The way a country's
economic and political infrastructure is designed and operated is critical because it
offers the right incentives for individuals, businesses, and officials to engage in
activities that result in growing living standards over time.
For more than a decade, economic development has been slow. This has
happened at a time when economies are undergoing significant upheaval. There are
drivers of change that impact growth dynamics and the policy implications.
Productivity is the primary driver of long-term economic growth. The main driver
of productivity increase is technology-enabled innovation. Surprisingly, as digital
technologies have grown in popularity, productivity has slowed. Technology is
having a significant impact on the work economy. Labor demand is transitioning
away from regular low- to middle-level skills and toward higher-level and more
complex analytical, technical, and management abilities due to automation and
digital improvements. In addition, growth has grown less inclusive. Income
inequality has been growing in most big economies, and it has been more evident
in some. This bibliography will seek to expound on works that have highlighted
the challenges and prospects of transforming business and economy in current
conditions.
Keywords: Information economy, digital technologies, factors, features
Trushkina, N. (2019). Development of the information economy under the
conditions of global economic transformations: features, factors and
prospects. Virtual Economics, 2(4), 7-25.
This article is about factors, features, and prospects that affect global
economic transformation as far as the development of the information economy is
concerned. The article identifies the factors of influence through content structures
of information technology. The article classifies the conditions into five categories:
information security, digital technologies in business, ICT sector development, and
the employee component. Further, the paper analyses the dynamics of development
indicators. Conclusively the article ponders the prospects of developing the
information economy in global cyberspace. The attributes opine on creating a
digitized forum as a business model via the concept of Industry 4.0 and smart
factory as the key players. Further, the article portents the implementation of a
cyber-physical system' a complex resource, physical processes, and systems. On
the final note, the article proposes a formula to evaluate the effects of information
economy development.
This article will be important in depicting the necessary strategies and
procedures necessary for the transformation of business and economy in current
conditions. Also, because the article posits the prospects and challenges of the
information economy under global economic transformation, it will inform the
research on the challenges and prospects of business and economy in current
conditions.
Therefore, the role of this article in the project will be to elaborate on the
prospective line of development informational economy as far as the creation of
the digital platform is at play. Being in an age whereby the digital platform has a
key stake in the business platform, it is clear that this article will be of great
significance to the research. The applicability of this article to the research will
shade ore light on the impacts presented in current economic and business
conditions that have embraced digital spheres in terms of selling, advertising, and
payment, to mention a few. Therefore, the article will b of crucial importance in
this study because it elicits the role of the information economy, its features,
conceptual approaches, components, factors, and prospects of digital technologies
in the business and economic realm.