Trends in the digitalization of the economy of Tajikistan and its banking sector

Abstract

Based on a thorough analysis, this article identifies current trends in the digital transformation of the global economy and shows their role in the realization of economic potential. Particular attention is paid to the formation of new forms of e-business during the COVID-19 pandemic. According to the system of indicators used in global practice, various countries are rated based on the level of digitalization of their economy. The leading countries in the implementation of digital technology in various sectors of the economy are outlined, and the advantages and disadvantages of the digitalization of their economies are identified. The negative consequences of the initial stage of digitalization of the economy in labor-abundant regions, which include the countries of Central Asia, are substantiated, along with their social significance. The results of research on the digital transformation of European and Central Asian economies are presented, through which it is revealed that the countries of Central Asia, with the exception of Kazakhstan, are at the initial stage of their digital development. The existing barriers to the digitalization of the economy of Tajikistan are assessed, and the reasons for its low level are indicated. Among the main factors are limited access to the Internet and the weak digital literacy of the population. The authors note that the cost of a basic package of Internet subscriptions is equivalent to 16% of the average monthly income in Tajikistan. The results of the study of indicators of the digitalization of the Tajikistan banking sector, which are characterized by the positive dynamics of the digital banking market, are presented. The authors note the development of payment infrastructure and significant growth in the volume of transactions. Finally, measures to maintain trends in the development of digital banking services, including reasonable recommendations for credit institutions to maintain the priority of technological solutions, implement measures to improve financial literacy, and expand the product line of digital banking services with appropriate government support, are proposed.