Opportunities and emerging trends for digitalization of Russian economy

Abstract

This working paper gives an overview of the new possibilities opened up by the digital economy and tackles some specific questions in relation to its effects on the regional institutional structure in the world and the rate of its development in the Russian Federation. The digital economy fundamentally transforms modern production, thanks to new technological achievements, including robotization, artificial intelligence and the Internet of things, new materials and technology. Due to these changes, the development of the digital economy has been revealed that a number of countries, including Russia, objectively have the preconditions for the transition to the way of digitalization of the economy and development of their potential as the development potential is exhausted through non-innovative tools and increased market competition. In this paper, the authors aimed at providing a better understanding for the theoretical and legal peculiarities of the "digital economy" and its application benefits for Russia. The main problem is how the Russian Federation acts against the economically developed countries, which are the creators of the digital economy. This paper mainly focuses on presenting the authors views on how to sustain and increase competitive advantage of the Russian Federation by catching and implementing the "digital economy". The degree of development of the digital economy in the Russian Federation is considered and a conclusion is drawn that the domestic digital economy is lagging behind the world leaders.