Impact of digital technologies on economic development
Loading...
Date
2024
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
Digital technologies significantly influence economic development, the shaping of production processes,
and the creation of new opportunities. They enhance production and monitoring processes, boosting productivity
and ultimately increasing production efficiency. This allows businesses to reduce costs, increase
output, and consequently, profits. Technological progress drives innovation, enabling companies to develop
new products and services. Digital platforms allow businesses to create new business models, breaking geographical
barriers and giving even small businesses access to a global customer base. While digital technologies
may reduce certain job types, they also create new roles in tech development, data analysis, and digital
marketing.
However, while digital technologies offer many benefits, they also present challenges, such as cyber
threats. A regulatory framework and appropriate legislation are necessary to protect consumers and promote
fair competition. Digital technologies play a transformative role in economic development, offering
growth and innovation opportunities while requiring careful management of associated challenges.
Description
1. Angevine, C., Keomany, J., Jannick Thomsen, J,. Zemmel, R. (2021). Six building blocks can help in-dustrial
companies create a strong digital strategy and generate top value from digitization. McKinsey-
&Company. https://www.mckinsey.com/industries/industrials-and-electronics/our-insights/implementing-adigital-
transformation-at-industrial-companies
2. Azmoodeh, A., Dehghantanha, A. (2020). Big Data and Privacy: Challenges and Opportunities. In: Choo,
KK., Dehghantanha, A. (eds) Handbook of Big Data Privacy. Springer, Cham.
https://doi.org/10.1007/978-3-030-38557-6_1
https://link.springer.com/chapter/10.1007/978-3-030-38557-6_1?form=MG0AV3
3. Ahmad, I., (2021). Digital transformation: Key technology, cybersecurity and privacy risks.
https://www.nortonrosefulbright.com/en/knowledge/publications/4318add0/digital-transformation-keytechnology-
cybersecurity-and-privacy-risks?form=MG0AV3
4. Ben Ali, M.S. (Ed.). (2022). Digitalization and Economic Development: Insights from Developing
Countries (1st ed.). Routledge. https://doi.org/10.4324/9781003198284
https://www.taylorfrancis.com/books/edit/10.4324/9781003198284/digitalization-economicdevelopment-
mohamed-sami-ben-ali
5. Brynjolfsson E., McAfee A. (2011). How the Digital Revolution is Affecting Employment, MIT Sloan
menagement review.
https://sloanreview.mit.edu/article/brynjolfsson-and-mcafee-book-looks-at-digital-revolution-and-itstransformation-
of-employment/
6. Calimanu, S. (2024). How technology is changing the landscape of economic development, Research FDI
https://researchfdi.com/resources/articles/how-technology-is-changing-the-landscape-of-economicdevelopment/
7. Charles, L., Shuting Xia Sh., Adam P. Coutts, A. (2022). Digitalization and Employment A Review.
Internatonal Labor organization. https://www.ilo.org/sites/default/files/wcmsp5/groups/public/@ed_emp/-
documents/publication/wcms_854353.pdf
8. Escott, J. (2024). Impact of the Evolving Digital Transformation on the Technology Industry.
https://www.bostondigital.com/insights/impact-evolving-digital-transformation-technology-industry
9. Gurumurthy, R., Nanda, R., David Schatsky, D. (2021). Putting digital at the heart of strategy. When
everyone is digital, strategy is the differentiator.
https://www2.deloitte.com/us/en/insights/topics/digital-transformation/digital-acceleration-in-a-changingworld.
html
10. Mühleisen M. (2018). The Long and Short of The Digital Revolution, International Monetary Fund,
director of the IMF’s Strategy, Policy, and Review Department.
https://www.imf.org/en/Publications/fandd/issues/2018/06/impact-of-digital-technology-on-economic-growthmuhleisen
11. Mandl, I. (2024). Employment impact of digitalization. European Foundation for the Improvement of
Living and Working Conditions. International Labor Organization.
https://www.eurofound.europa.eu/en/employment-impact-digitalisation
12. Klein G., Klunover D., Shavit T. (2024). Gig work: Does it get you more happiness?
https://doi.org/10.1002/mde.4101. https://onlinelibrary.wiley.com/doi/10.1002/mde.4101
13. Romansky, R.P., Noninska, I.S. (2020). Challenges of the digital age for privacy and personal data
protection. Volume 17, Issue 5: 5288-5303. doi: 10.3934/mbe.2020286
https://www.aimspress.com/article/doi/10.3934/mbe.2020286?viewType=HTML&form=MG0AV3
14. Zhengqing Z. (2023). The Rise of the Gig Economy: Implications for Understanding Work and Workers.
Business and Economics Journal, ISSN: 2151-6219, (2023) Volume 14, Issue 3.
https://www.hilarispublisher.com/open-access/the-rise-of-the-gig-economy-implications-for-workersbusinesses-
and-labour-market-regulations-98580.html#:~:text=While%20flexibility%20is%20a%20benefit,-
to%20plan%20and%20budget%20effectively.
15. Zare, J., Persaud, A. (2024). Digital transformation and business model innovation: a bibliometric
analysis of existing research and future perspectives. Manag Rev Q (2024).
https://doi.org/10.1007/s11301-024-00426-z
https://link.springer.com/article/10.1007/s11301-024-00426-z
16. Vărzaru, Anca Antoaneta. A, Bocean C.G. (2024). Digital Transformation and Innovation: The Influence
of Digital Technologies on Turnover from Innovation Activities and Types of Innovation. Systems 12, no.
9: 359. https://doi.org/10.3390/systems12090359
17. Yoo, Inhye, Chan-Goo Yi. (2022). Economic Innovation Caused by Digital Transformation and Impact on
Social Systems. Sustainability 14, no. 5: 2600. https://doi.org/10.3390/su14052600
Keywords
Citation
IX International Scientific Conference: "Challenges of Globalization in Economics and Business", Proceedings , Tbilisi, 2024, pp. 263-270