SUSTAINABLE PROSPECTIVES OF DIGITAL ECONOMY IN UZBEKISTAN SUSTAINABLE PROSPECTIVES OF DIGITAL ECONOMY IN UZBEKISTAN

Abstract

There is a common belief that in today’s high-tech world, we cannot visualize our life without internet. Shortly, a global village is the part of our life. Meaning that, to find any kind of information is very easy with internet devices, to search news , do shopping, business, earn money and others are available by internet. Furthermore, it is a fact that most developed countries are utilizing online payment system to raise economic system by boosting the speed of money in banks. On this situation, the term of digital age is born. The digital age is transforming everything: the nature of markets and products, how to produce, how to deliver and pay, the scale of capital to operate globally, and human capital requirements. It is also boosting productivity, exposing companies to new ideas, technologies, new management and business models, and creating new channels of market access. And all of this at relatively low costs. It is no exaggeration to predict that firms will increasingly rely on artificial intelligence for basic routines and for more complex tasks. Also, coming across with words with prefix ‘e’ which means online version such as e-commerce, e-business, e-trade, e-book and others is simple situation. Also, to analyze the impact of digital economy on developing countries is absolutely essential to be informed about their beneficial sides. Digital economy refers to an economy that is based on digital computing technologies. The digital economy is also sometimes called the Internet Economy, the New Economy, or Web Economy. Increasingly, the "digital economy" is intertwined with the traditional economy making a clear delineation harder. Digitization plays crucial role in the digital economy system. Digitization is a process of converting the diverse forms of information, such as text, sound, image or voice into digitalized format. The digitization has a proven impact on economy and society by reducing unemployment, improving quality of life, and boosting access to knowledge and other public services.* The term 'Digital Economy' was first coined in Don Tapscott's 1995 best-seller The Digital Economy: Promise and Peril in the Age of Networked Intelligence. The Digital Economy was among the first books to show how the Internet would change the way we did business. According to Thomas Mesenbourg (2001), three main components of the 'Digital Economy' concept can be identified:
 E-business infrastructure (hardware, software, telecom, networks, human capital, etc.),  E-business (how business is conducted, any process that an organization conducts over computer-mediated networks),  E-commerce (transfer of goods, for example when a book is sold online). New applications comprising social media and Internet search are blurring these boundaries and adding complexity. It is interesting to note that The Digital Economy uses a tenth of the world's electricity. The move to the cloud has also caused the rise in electricity use and carbon emissions by the digital economy. Picture 1. Benefits of Digital economy in Economic Sectors Source: https://www.weforum.org/agenda/2019/01/the-digital-future-we-need Additionally, the rapid adoption of new digital technology in emerging markets is evident in global mobility trends. Latest statistics from the International Telecommunication Union (ITU) estimate about 5.3 billion mobile subscribers in the world, with about 73% (3.8 billion) located in the developing world. China and India are fuelling most of the growth: These markets added 300 million new mobile users in 2010 alone—a figure greater than the US’s entire mobile subscription base. And with mobile costs falling, China and India are likely to see continued meteoric growth. According to E Marketer, the number of mobile users in China will jump from around 671.1 million in 2010 to almost 1.06 billion in 2015; India’s will leap from 516.2 million to 901.2 million for that same period. The Digital Evolution Index analyzes the underlying drivers that govern a country’s digitalization: Supply Conditions, Demand Conditions , Institutional Environment, and Innovation and Change. Thus, the President of Republic of
Uzbekistan, Shavkat Miromonovich Mizrioyev imposes to pay close attention to and enhance these branches. To gain a comprehensive view of digital readiness and competitiveness of countries, we further divided these drivers into 12 components measured using a total of 108 indicators. The six drivers, 12 components, and sample indicators are illustrated below (Picture 2). Picture 2. Six Shared Global Outcomes To Achieve a Sustainable, Inclusive and Trustworthy Digital World
Source: https://twitter.com/yuhelenyu/status/1067071604461658122
According to experts point of view, the competitiveness of a country’s digital economy is a function of two factors: its current state of digitalization and—more importantly—its pace of digitalization over time, as measured by the growth rate of a country’s digitalization score over an decades (2008—2020). This pace of digitalization, which we refer to as momentum, is a lead indicator of a country’s future digital potential and prospects. According to the press service of the Ministry of Information Technologies and Communications, the draft resolution of the Cabinet of Ministers sets the following directions for the development of digital economy in the Republic of Uzbekistan.
If we conclude findings of the paper work is following suggestions can be distributed: - Identification of state and economic bodies, local self-government bodies on the basis of necessary information systems and resources; - Creation of favorable conditions for attracting foreign investments in the country; -Coordination of modern telecommunication infrastructure, development of communication technologies and networks, introduction of modern IT services.