OPPORTUNITIES FOR ECONOMIC DEVELOPMENT ON THE BASIS OF CIRCULARITY IN THE CONDITIONS OF DIGITAL TRANSFORMATION

Abstract

The article established that recently the world economy developed and functioned in a linear format, the essence of which was that everything provided by nature formed the basis for production resources, then goods were produced from this, which became waste after their use. It was concluded that such a global economic model today threatens the normal existence of all humanity, which currently consumes natural resources an order of magnitude more than it can restore. The circular economy has been proven to fundamentally change this. It was determined that the circular economy is a new concept of economic development that offers the state and entrepreneurs modern innovative approaches to recovery, reuse, rational consumption of materials and provides an opportunity to create additional value. It is aimed at ecologically clean production and consumption, achieving certain economic and social effects. Such a new worldview requires the application of progressive innovative solutions at all stages of the product life cycle. And for this, it is necessary to use new circular business models, which involve the use of a smaller amount of resources for the creation of goods and services, as well as a significant prolongation of the life cycle of existing products and services. It was established that in the global dimension, such a concept is considered as a way to transition to a resource-efficient economy.It was determined that currently most of the initiatives in this area are individual projects that are directed at material resources, therefore, for the distribution of these solutions on a global scale and in various industries, it is necessary to create appropriate digital foundations. It was concluded that without digitalization efforts, it will be impossible to achieve the circularity of economic development. Without digital solutions, the transition to a circular economy will be slower, with fewer attractive closed-loop business models and less impact on ecology, economy and society. The digitization of the circular economy should provide a digital basis for closed business models, thereby reducing costs, time and risks.