The emergence of new international organizations in the context of digital transformation of the world economy: myth or reality?

Abstract

Not only does the process of digitalisation in the broad sense affect individual enterprises and smaller financial organizations, but it also has a direct impact on international economic organizations’ operations. This is manifested both in the need to introduce digital technologies into their activities and to a greater extent in the need they experience to adapt themselves to new realities. The range of actors in the world economy is expanding, the role of transnational corporations is changing, and it is becoming increasingly difficult for the state to regulate production and circulation at the national level, which generates the necessity of creating additional opportunities for international regulation. To a certain extent, existing levers of influence used by international organizations are outdated and require serious revision. The question thus arises as to which one of the following directions for the system’s development should become the main one: reforming existing organizations, establishing fundamentally new ones or combining the two options. The purpose of the article is to analyze current changes in international economic relations, caused by the digital transformation, and to identify the key ways to improve the institutional architecture of the world economy.

Keywords

• digitalisation
• international economic organizations
• world economy
• international economic relations
• global economic trends