Digital Economy in a Global Context: World Experience
IRYNA SHEVCHENKO1, OKSANA LYSAK2, ANNA ZALIEVSKA-SHYSHAK3, IRYNA
MAZUR4, MYKOLA KOROTUN 5 VITALIY NESTOR6
1International Economics Department, West Ukrainian National University, UKRAINE
2Department of Economics and Business, Dmytro Motornyi Tavria State Agrotechnological
University, UKRAINE
3Department of Economic Theory, Macro- and Microeconomics, Taras Shevchenko National
University of Kyiv, UKRAINE
4Department of Environmental Management and Entrepreneurship, Taras Shevchenko National
University of Kyiv, UKRAINE
5Department of Environmental Management and Entrepreneurship, Taras Shevchenko National
University of Kyiv, UKRAINE
6 Department of Theory of State and Law and Constitutional Law of the Volodymyr the Great
Educational and Scientific Institute of Law, Private Joint Stock Company Higher Educational
Institution «Interregional Academy of Personnel Management», UKRAINE
Abstract: - The processes related to digitalizing all branches of the world economy are irreversible components
of the evolutionary development of the modern global economy. In current realities, the overriding priority in
the economic sphere is the development of innovations and digital technologies using all their advantages
regarding expanding the information component of enterprises’ activities, creating information assets,
minimizing risks, the possibility of remote cooperation and the reduction of transaction costs, the ability to
quickly respond to existing security, competitive, and other types of challenges. The purpose of the academic
paper is to highlight the principal directions and trends of the world experience in developing the economic
sphere’s digital component. System-structural, comparative, logical-linguistic methods, analysis, synthesis,
induction, and deduction in the processing scientific information, abstraction, and idealization for studying and
processing of statistical and analytical data were used during the research. Based on the research results, the
concepts and components of the digitalization of the economic sphere, the main prerequisites, patterns and
directions of developing digital economy in recent years were studied from the perspective of evaluating the
global experience of this process.
Key-Words: - digital economy, digital infrastructure, application of digital platforms, digital models of
economic development, globalization of capital markets, digital business environment
Received: May 111, 2022. Revised: May 13, 2023. Accepted: June 17, 2023. Published: July 13, 2023.
1 Introduction
The objective processes of computerization, which
have been gaining momentum in recent years in all
spheres of social development, require countries to
formulate a balanced policy on digitization,
regulatory liberalization, and adjustment of the
regulatory and legal framework. They also require
strengthening the “analog” fundamentals of digital
transformation, stimulating investment processes for
accelerating the development of the digital economy
based on using modern information and
communication technologies and applying the
scientific foundations of theories and concepts of
economic development in the conditions of digital
transformation of global social processes.
The theoretical part of the research substantiates the
relevance, concepts, components and main stages of
developing the digital economy in the global
context.
The practical part of the research includes the
features of distributing countries that are best
prepared for the new digital economy according to
the NRI rating based on the results of 2020, as well
as by groups that are separate components of this
index, namely, by the level of technology
development, human capital, management level and
degree impact on the world economic arena. An
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
58
Volume 2, 2023
assessment of digital economy’s impact on
particular nations’ GDP was also done as part of the
present scientific work.
Based on the research results, conclusions were
drawn regarding the issues raised. In particular, it
was established that Sweden, Denmark, Singapore,
the Netherlands and Switzerland belong to the five
countries with the highest level of the Network
Readiness Index, and the USA ranks only eighth in
the top ten. At the same time, Switzerland, Sweden,
the Netherlands and the USA have the highest level
of development in terms of digital technologies’
development level. Singapore, which is one of the
leaders according to the NRI indicator, occupies the
penultimate place in the top ten of this index. The
personnel provision’s indicator of the economy is
decisive in the NRI formation, forasmuch as the
leading countries according to the general level of
the index occupy the first places in terms of this
indicator’s value. Norway, Denmark and Sweden
are the leaders in the “Management” component of
the Network Readiness Index. Singapore, Germany
and Great Britain occupy relatively low places in
terms of this indicator’s rating level. Therefore, the
components taken into account when calculating
this indicator are important but not decisive criteria
when calculating the total size of the NRI index.
Indicators forming the “Impact” category
significantly influence on the formation of the
Network Readiness Index’s overall size. In general,
the leading countries, according to this indicator, are
the countries with the highest NRI rate. The analysis
of the digital economy’s ratio in the GDP of
individual countries shows that the share of
companies conducting their activities in the digital
mode in the country’s GDP has a direct impact on
the absolute volume of household expenditures and
a fairly conditional direct impact on the volumes of
exports, imports and investments in the respective
countries in the electronic segment of the economy.
2 Literature Review
The modern world has already taken the first step
towards a fundamentally new technological and
economic reality, a component of which is digital
economic and social processes. The challenges of
modern industrial society are difficult to
overestimate. We are talking about a change in the
global social-technological structure, the
consequence of which is a complete reformatting of
the systems we are used to, and the formation of
new economic strategies. Based on them, the
technological paradigm is changing, management
models and social norms are being introduced, and
large-scale demographic shifts are taking place
(Kan, Lyu, Huang & Yao, 2022).
In modern conditions, the acceleration of innovative
development is based on introducing digital
technologies that contribute to the formation of new
business models. From the perspective of analyzing
international and state institutions, the transition to
the digital economy is considered as a mechanism of
economic growth, forasmuch as ICT can positively
affect the efficiency, effectiveness, profitability and
quality of economic and social activities (Banga,
2022).
According to scientists’ standpoint, the digital
economy encompasses all types of economic
activity. Summarizing the existing definitions of the
digital economy, it should be noted that in most
definitions, the digital economy is considered as an
activity based on the active implementation of
innovations and information and communication
technologies in all types of economic activity and
spheres of social life. This makes it possible to
significantly increase efficiency/productivity in
various types of economic activity. The digital
economy is fundamental to globalization and the
industrial revolution (Adriaens & Ajami, 2021).
In conditions when the borders between countries
are becoming less and less visible, the rapid
processes of technological transformations make it
possible to transform business models into
qualitatively new forms of activity, from simple
automation of processes to strategic corporate
organization (Timchuk & Evloeva, 2020).
The general regularity of the digital economy is its
focus on the end consumer and the wide use of
information as a driving resource, considering the
specific features of this consumer (Elia et al., 2021).
In modern conditions, digital platforms are
becoming points of concentration of information
capital. From an economic perspective, a digital
platform implements a multi-market model in which
demand and supply are coordinated, transaction
costs are optimized, and information asymmetry in
the market is reduced. There is a transition from
unification to general aggregation of all possible
goods and services, contributing to the optimal
development of the competitive environment
(Zhang, Pan, Feng & Qin, 2022).
Currently, the need to change priorities and the
urgency of systemic reforms in the field of digital
economy development is becoming more and more
evident around the world. At the same time,
according to numerous scientists’ standpoints, the
main principles of developing the digital segment of
the economy are as follows:
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
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– integrity (mutual understanding between members
of society in the process of participation in
individual components of digital economic
processes);
– completeness (elimination of institutional barriers
on the way to digitalization);
– accessibility (equal access to services,
information, and knowledge);
– justice (all members of society and the company
must follow the established rules);
– security (observance by all participants of the
economic system of cyber security, norms of
protection of personal data and commercial
secrecy);
– efficiency (the result of switching work to digital
mode should exceed its cost);
– openness (cooperation with all partners to create a
global e-commerce market);
– independence (ensuring freedom to search,
process, analyze and transmit information)
(Ferracane & Marel, 2019), (Ferencz & Gonzales,
2019), (Qian, Liu & Pan, 2022).
Also, according to numerous scientists’ standpoints,
the advanced digital infrastructure is the basis of
developing the economy’s digital segment (Jiang,
2021).
The development of digital infrastructure makes it
possible to overcome information inequality in
access to economic, social, cultural and educational
opportunities existing or deepening due to
incomplete, uneven or insufficient access to
computers and telecommunications, as well as
digital technologies. Digital infrastructure with
systematic state support stimulates the development
of an open information society as one of the
essential factors in increasing the efficiency of using
ICT in order to improve the citizens’ life quality,
economy development, and social society (Ding,
Zhang & Tang, 2021).
The purpose of the research is to determine the
principal tendencies and comparative features of the
digital economy’s development level of different
countries, as well as to outline the digital economy’s
main components of different countries.
3. Materials and Methods
A practical study of directions, tendencies and the
development degree of the digital economy in the
world was conducted by evaluating statistical and
analytical information on the specified issues,
primarily based on the data of the Network
Readiness Index 2020 and Shaping Europe’s Digital
Future.Brussels.COM (19.02.2020).
4. Results
The key indicator for assessing the level of the
digital aspect of the country’s development is the
Network Readiness Index (NRI). It is jointly
calculated annually by the World Economic Forum,
the World Bank and the International Business
School INSEAD. This indicator measures how
effectively a business uses digital technologies to
increase its competitiveness and development.
This indicator is calculated to assess the state of
development of the information society and achieve
the main strategic goals of economic development.
The NRI values for the ten countries with the
highest level of network readiness are represented in
Figure 1.
Figure 1. 10 countries best prepared for the new
digital economy based on the NRI’s ranking as of
2020, %
Source: compiled by the authors based on data
(Network Readiness Index, 2020).
It can be seen from Figure 1 that Sweden, Denmark,
Singapore, the Netherlands and Switzerland belong
to the top five countries with the highest level of this
indicator. At the same time, the USA occupies only
the eighth place in the top ten.
The index measures the level of ICT development
using 62 benchmarks, divided into four main
groups: technology, people, management, and
influence (the place of countries according to each
of these components among other countries is
shown in Figures 2 - 4).
73
74
75
76
77
78
79
80
81
82
83
Sweden
Denmark
Singapore
The Netherlands
Switzerland
Finland
Norway
The USA
Germany
Great Britain
82,75
82,19
81,39 81,37
80,41 80,16
79,39 78,91
77,48
76,27
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
60
Figure 2. The level of assessing the leading
countries according to the NRI rating inthe
“Technology” category as a component of the
Network Readiness Index, %
Source: compiled by the authors based on data
(Network Readiness Index, 2020).
Figure 2 shows that Switzerland, Sweden, the
Netherlands and the USA have the highest level of
development in terms of digital technologies’
development level. However, Singapore, which is
one of the leaders in terms of the NRI indicator,
occupies the penultimate place in the top ten of this
index.
Figure 3. The level of assessing the leading
countries according to the NRI rating in the
“People” category as a component of the Network
Readiness Index, %
Source: compiled by the authors based on data
(Network Readiness Index, 2020).
Personnel support for the functioning of any sphere
of the economy is a significant prerequisite for its
effective development. Germany, Great Britain, and
Switzerland are the top three countries in the
“People” category of the Network Readiness Index.
It can be seen from Figure 3 that this indicator is
decisive in the NRI formation, forasmuch as the
leading countries in terms of the overall level of the
index occupy the first places in terms of this
indicator’s value.
Figure 4. The level of assessing the leading
countries according to the NRI rating in the
“Management” category as a component of the
Network Readiness Index, %
Source: compiled by the authors based on data
(Network Readiness Index, 2020).
Figure 4 shows that Norway, Denmark and Sweden
are the leaders in the “Management” indicator. At
the same time, Singapore, Germany and Great
Britain occupy relatively low places in terms of this
indicator’s rating. Therefore, the components taken
into account when calculating this indicator are
significant but not decisive criteria when calculating
the total size of the NRI index.
0
10
20
30
40
50
60
70
80
90
Sweden
Denmark
Singapore
The Netherlands
Switzerland
Finland
Norway
The USA
Germany
Great Britain
82,75 82,19 81,39 81,37 80,41 80,16 79,39 78,91 77,48 76,27
2510
31
911
478
Assessment of NRI
"Technology" category as NRI's component
0
10
20
30
40
50
60
70
80
90
Sweden
Denmark
Singapore
The Netherlands
Switzerland
Finland
Norway
The USA
Germany
Great Britain
82,75 82,19 81,39 81,37 80,41 80,16 79,39 78,91 77,48 76,27
415913
38712 14
Assessment of NRI
"People" category as NRI's component
0
10
20
30
40
50
60
70
80
90
Sweden
Denmark
Singapore
The Netherlands
Switzerland
Finland
Norway
The USA
Germany
Great Britain
82,75 82,19 81,39 81,37 80,41 80,16 79,39 78,91 77,48 76,27
42
13
310 51812 14
Assessment of NRI
"Management" category as NRI's component
0
20
40
60
80
100
Sweden
Denmark
Singapore
The Netherlands
Switzerland
Finland
Norway
The USA
Germany
Great Britain
82,75 82,19 81,39 81,37 80,41 80,16 79,39 78,91 77,48 76,27
351429614 710
Assessment of NRI
"Impact" category as NRI's component
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
61
Figure 5. The level of assessing the leading
countries according to the NRI rating in the
“Impact” category as a component of the Network
Readiness Index, %
Source: compiled by the authors based on data
(Network Readiness Index, 2020).
Analyzing the NRI components by the “Impact”
category showed that the indicators forming this
category significantly impact the overall size of the
Network Readiness Index. In general, the leading
countries according to this indicator are the
countries with the highest number of NRI
(Singapore, Switzerland, Sweden, the Netherlands,
and Denmark).
The relative share of the digital economy in the
GDP of some countries of the world is shown in
Figure 6.
Figure 6. The contribution of the digital economy to
the GDP of some countries of the world, 2018, %
Source: compiled by the authors based on data
(Digital Economy and Society Index, 2018)
The experience of the USA and China proves that
the development of the digital economy contributes
to strengthening competition, increasing
productivity and labor skills of the population, and
facilitating resource management and access to
information about creating several settings for both
users and companies.
The Digital Business Survey as of 2018 reveals that
89% of companies plan to adopt a digital business
strategy, but only 44% have fully implemented the
approach. The spheres of services (95%), financial
services (93%) and healthcare (92%) are leading in
terms of the share of adapting digital innovations
(Shaping Europe’s Digital Future, 2020).
The fields of production, education, management
and leisure have long been transformed by using
personal computers and the Internet. In order to
remain competitive in today’s market environment,
business leaders are already implementing
innovations that can become engines and
accelerators of developing entire industries and
economies in the coming years. This has created
new market opportunities that significantly impact
on the economy in various sectors (Pradhan et al.,
2019).
Wireless networks, advanced mobile devices, and
video and conferencing technologies have
contributed to integrating information and
communication technologies into various economic
and social spaces and creating a new global digital
economy (Lin, 2019).
The tendency of recent years is the growth of social
and “cloud” technologies, which play a significant
role in the information infrastructure of the
corporate sector. The combinatorial effects of
mobile, “cloud”, sensor and electronic analytical
technologies, and artificial intelligence
exponentially accelerate the process of developing
the digital sector of the economic system (Digital
Economy and Society Index, 2018).
The introduction of digital information platforms at
various levels of the economy solves various
strategic tasks within the framework of the
challenges of the new industrialization system. The
digital economy is developing on the basis of
achievements in the information sphere. It is its
continuation as an unprecedented technological
breakthrough as a result of an industry’s
achievements in which innovation, especially
digital, is spreading at a significant speed (Ercan &
Samet, 2018).
Digital technologies contribute to establishing new
requirements that necessitate an immediate
innovative response from economies, previously
created ecosystems, individual companies and
society as a whole (Chen, Gozgor & Koo, 2021).
4. Discussion
Currently, the development of global and local
markets creates favorable conditions for the digital
transformation of countries with a high level of
population’s education and computerization of
economies.
The analysis of statistics and data and the evaluation
of scientific works on the subject of the research
show that the development level of the digital
economy in the country is closely related to income
level. The obtained data indicate that the first twenty
countries, according to the NRI indicator in 2020,
are occupied by the states with a high per capita
income, and low-income countries close the ranking
(Genari et al., 2018).
In general, analysts remark that the country’s degree
of economic growth is the single factor that
determines how widely and effectively ICT
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
62
opportunities may be exploited for advancing all
aspects of life, including the economic one
(Goldfarb & Tucker, 2019).
Taking into account the influence of the principal
tendencies of society’s digitization on developing
economic and social processes, it is worth noting
that the economic sphere needs to ensure the digital
transformation of the economy. It should be aimed
at: changing the economic structure, modifying
traditional markets, social relations, public
administration, which is connected with the
penetration of digital technologies, a fundamental
change in the main source of value creation and the
economy’s structure through forming more effective
economic processes provided by digital
infrastructure (Amankwah-Amoah et al., 2021).
The systematization of conceptual approaches to the
emergence of the digital economy and its
development makes it possible to conclude that the
digital economy is a new type of economy
encompassing companies from all economic sectors
around the world. It creates favorable opportunities
for the globalization of capital, goods, services and
labor markets, permeating all sectors in all branches
of the economy (Shaping Europe’s Digital Future,
2020).
The results of the NRI structure’s analysis show that
digital transformation is taking place nowadays at
all levels of the economic system: international,
national, regional and local.
The general regularity of the digital economy is the
focus on a specific consumer and the wide use of
information as a driving resource, taking into
account the characteristics of specific consumer
segments in a particular place, as well as the global
use of digital transformation technologies of real
business processes (Ferracane & Marel, 2019),
(Qian, Liu & Pan, 2022).
At the same time, it is worth noting that digital
projects are characterized by very specific
conditions for their implementation in a given place
and can become the subject of standardization only
if positive economic results are accumulated
(Goldfarb & Tucker, 2019).
The analysis of the literature on the research topic
made it possible to establish that digital
transformation is a difficult task. Countries that have
reached the highest level of digital maturity have to
solve complex cultural, organizational and technical
problems. After all, only the consideration of all
these factors makes such a transformation successful
(Ferencz & Gonzales, 2019).
The analysis of the principal tendencies in
developing the digital economy provides insight into
the main directions of optimizing the process of the
digital economic environment’s functioning, which
will contribute to developing the digital economic
system, namely:
rethinking the process of creating economic value
(by including a digital component in it, improving
accounting, etc.);
solving the problem of excessive concentration in
the market of online platforms (including by
improving regulation);
taking active measures to create new jobs (for
instance, by improving professional training,
reorienting the labor market to new high-tech areas,
etc.);
improvement of measures of the population’s social
protection.
Information and communication technologies are an
important factor in developing digital innovations
and society as a whole.
5. Conclusions
Therefore, the volume of digital innovations in the
global economic environment is increasing.
However, innovative processes are not developing
efficiently enough, and this significantly slows
down the digital modernization of the world
economy. The main reasons for the slowdown in the
digital economy development are an unfavorable
environment for business, especially at the stage of
introducing innovations into production, an
imperfect regulatory framework, and an
insufficiently high level of using digital
infrastructure.
According to the analysis of the scientific literature
on the research topic, in order to achieve success in
the field of digital transformation of modern
business, it is necessary to purposefully build its
work, relying on the latest achievements of the
digital environment and using all the possibilities of
the digital infrastructure.
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International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
64
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Formal analysis, Iryna Shevchenko; Investigation,
Oksana Lysak; Methodology, Nestor Vitalii, Iryna
Mazur; Resources, Nestor Vitalii, Oksana Lysak;
Software, Mykola Korotun; Validation, Mykola
Korotun; Writing—original draft, Anna Zalievska-
Shyshak; Writing—review and editing, Iryna
Shevchenko.
This research received no external funding
The authors declare no conflicts of interest.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
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Conflict of Interest
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
International Journal of Applied Sciences & Development
DOI: 10.37394/232029.2023.2.7
Iryna Shevchenko, Oksana Lysak,
Anna Zalievska-Shyshak, Iryna Mazur,
Mykola Korotun, Vitaliy Nestor
E-ISSN: 2945-0454
65