The impact of digitization on economy in the context of the Coronavirus pandemic

Bucharest University of Economic Studies, Department of Statistics and Econometrics, 010552 Bucharest, Romania

^* Corresponding author: crina.ionescu95@gmail.com

Abstract

Research background: As COVID-19 is posing unprecedented challenges, the governments as well as the individuals have to adapt to the shift towards a new lifestyle. The preventing measures against the spread of the novel coronavirus has important consequences on economy sectors both at global and national level. In this regard, it is the right time to accelerate the development of the digital tools and technologies that can help neutralize or at least mitigate the negative effects of the COVID-19. Purpose of the article: Therefore, the aim of this paper is to evaluate the current situation of digitization, focusing on the main transformations in recent months.

Methods: Throughout the paper, there can be distinguished both qualitative and quantitative approach. The methods used include a secondary research from official information and primary quantitative research obtained from a conducted survey that explains the importance and the impact of digitization on economy in the face of a global pandemic.

Findings & Value added: The article highlights the impact of digitization on the economy by comparing the findings from Romanian economy with other EU countries. It is noted that in areas where the digitization was more developed or where the adaptation to the new conditions imposed by the crisis generated by COVID-19 has been faster, the impact was significantly lower as well.