Ejup Rustemi1*,
Mefail Tahiri2
1University of Tetova, North Macedonia
2University of Tetova, North Macedonia
*ejup.rustemi@yahoo.com
ABSTRACT
In this pandemic age, digital technology has the revolutionary capacity required to maintain the economy, helping it function and also provide people the means to access essential services such as health, education, job search, and culture. Digitization is a growing and lasting trend. The transformations it involves will bring us closer or we will separate more. Responses to the COVID-19 crisis underscore the important role that digital technology plays in promoting inclusive, fair and equitable societies, especially form an economic standpoint. We should also highlight that the digital divide is no longer a subject, but something that affects people’s access to opportunities and inclusion in their communities. The COVID-19 pandemic was a violent shock, on a global scale. It forced individuals to stay at home, and stay away from each other outsid, thus making a huge economical impact on a global scale. In many countries, businesses, factories, schools and governments were closed, and many have therefore found it difficult to earn a living, to continue their education and access important government services. In many cases, The Internet may have been the link that allowed families and friends to communicate and have fun, who made work possible from home, which allowed students to learn online and which provided tools for online services, including health advice and economic cooperation. This paper will provide an analysis of how IT can help assess the future economic outlook in a global scale.
Keywords: COVID 19, economy, Information Technologies, Digitalization, Communication, natural and mathematical sciences
INTRODUCTION
According to the OECD (Organization for Economic Co-operation and Development), with the COVID-19 epidemic, the world has turned massively to cyberspace, accelerating a digital transformation that began several decades ago. Schoolchildren equipped with their home internet connection inaugurated the school remotely, many employees embarked on telework, and a multitude of companies adopted digital-based economic models to continue their activities and save part of their profits.
In many countries, governments and businesses adapted a working ground usually based on three main pillars: digital government, digital economy and digital society. These objectives are ambitious: the digital economy will have to represent a crucial part of the national GDP, nevertheless, digital transformation is an inevitable trend in business, and the health crisis has accelerated this process. The COVID-19 pandemic is still ongoing, causing strong socio-economic impacts. In this context, new emerging technological trends will play an important role in helping companies to develop in the post-COVID-19 era.
In many countries of the world, while most areas of life are affected by the epidemic, cash-free payment has become a “rescue buoy” for many socio-economic activities where direct contact must be limited. Many countries have quickly put in place policies to promote non-cash payments. Using electronic wallets or paying via mobile phones is also a preferred solution for many consumers. The pandemic is accelerating changes in the habit of consumer payment. For the economy, using less liquidity means saving on social costs. According to The Economist’s analysis, the annual cost of cash management is generally around 0.5 to 1% of GDP. The development of online payment brings buyers and sellers together, and contributes to developing the economy, to improve the standard of living of families, create jobs and contribute to the increase in budget revenue. For the company, payment via banks clearly guarantees the safety and security of the parties, and the interests of people are protected in the event of litigation.
Volume 6.No.2(2022): April – (Social Sciences Session)
ISSN 2661-2666 (Online) International Scientific Journal Monte (ISJM)
ISSN 2661-264X (Print)
DOI : 10.33807/monte.20222541
DOI URL: https://doi.org/10.33807/monte.20222541
Full Text: PDF
This is an open access article under the CC BY-NC-ND license (creativecommons.org/licenses/by-nc-nd/4.0/)