WORLD TENDENCIES AND DEVELOPMENT OF THE DIGITAL ECONOMY IN UZBEKISTAN WORLD TENDENCIES AND DEVELOPMENT OF THE DIGITAL ECONOMY IN UZBEKISTAN

Abstract

The digital economy (i.e. economic activity conducted via or using digital technologies) is not just about digitizing existing processes and business models. It is a fundamental revolution of the traditional economic model. Information asymmetries have been eroded, thanks largely to social media; the falling cost of technologies, coupled with trade liberalization, has made it easier to enter new markets; consumers can now also be producers, while platforms are increasingly the dominant organizational unit of business. The impetus is shifting from the supply-to the demand-side of the economy, where all organizations must pivot around consumers faster than the competition.