Current trends in digital transformation and their impact on the national economy

Abstract

In today’s realities, digital transformation plays a very important role in the economic development of the country. This is due both to the high rate of scientific and technological progress and to the common within the economic relations, consumer preferences. Thus, it remains important to assess the impact of digitalization on the welfare of international and national economies. The research examines the current situation in Azerbaijan, one of the countries in which the principles of digital transformation are being actively implemented. The main research methods were analysis, induction, as well as methods of statistical data processing. The research assessed the main reason for the acceleration of the pace of digital transformation in the world and Azerbaijan, that being the beginning of the COVID-19 crisis. Although it was a problem for many companies at the initial stage, subsequently it allowed them to fit into the new economic realities. Thus, at the moment in Azerbaijan, there is a fairly well-developed system for managing the processes of digitalization. The national policy of the country is aimed at motivating enterprises to change the principles of their functioning into more innovative ones, which is quite well received by the institutions responsible for this. A particularly important role is played by financial and non-financial support for small and medium-sized enterprises, the provision of educational programs for citizens in terms of increasing literacy about the latest digital technologies, and the introduction of digital technologies in public administration processes, in which Azerbaijan has been able to achieve significant success. However, there are still various problems that require a solution from the authorities in the shortest possible time. Thus, this study brings new knowledge to the theory of modern digital transformation and allows us to consider the current state of the Azerbaijani economy in more detail