Abstract:

The primary direction of economic development in modern conditions is the transition to the digital economy, which is caused by changes in the forms and methods of providing various high-tech consumer services. Digitalization is becoming the main tool for developing the world economy, and its role is significantly increasing. The competitiveness of each country depends on the degree of implementing innovative banking technologies as tools for creating digital financial ecosystems. It should be noted that the scientific community does not have a clear definition of the term “digital economy” yet. The transition from Industry 4.0 to Industry 5.0 has set new challenges for the national economy regarding the need to bring the mechanisms of operation and development to innovative standards. In practice, the evaluation of the economic results of implementing digital business technologies is practiced to finance the future development of the digital transformation of the business into an intelligent economy using the net present value method. It calculates income from investment projects in the digital economic system and allows cost reduction to their current value. The main reason for the difficulty of carrying out smart economy innovations and digital transformation of the national economy based on the elements of Industry 4.0 and Industry 5.0 concepts is the use of high discount rates. This approach to financing the digital transformation of business, focusing on the smart economy, does not allow for solving many economic problems, in particular, growing income inequality, and the state of the environment. The issue of investigations and empirical measurements of the smart economy and the digital transformation of the economy, as well as the prospects for the formation of a national model of the smart economy, are the objects of the present research. The academic paper proposes a scheme for responding to changes in the external environment and directions for adaptation to changes, based on the analysis of the prerequisites for forming the digital economy and creating a national model of the smart economy. Prospects for further scientific studies may include an investigation of the national economy’s sectorial structure, an assessment of its effectiveness to improve the national smart economy model, as well as the development of cloud computing, the implementation of the latest bioengineering research, and blockchain development.

Keywords:

Modeling, development, innovation, digitalization, competitiveness.

How to Cite:

Yevhenii Kostyk, Serhii Tiuleniev, Vasyl Goi, Olena Kovalenko and Nataliia Pochernina. The National Model of the Smart Economy for Achieving the Goals of Innovative Development. [ref]: vol.21.2023. available at: https://refpress.org/ref-vol21-a65/