The role of digitalization of the economy in the conditions of the crisis

The digital economy is one of the most important features of a knowledge-based society. Based on information and communication technology (ICT), it is growing faster than the traditional industrial economy and eventually overtaking it. The fundamental drivers of the faster economic growth of the digital economy are as follows: first, ICTs are moving closer to traditional industries and increasing their efficiency; second, the ICT industry's production function shows increasing returns to scale; thirdly, the development of ICT stimulates not only supply and demand, but also the entire expansive reproduction system, which leads to accelerated economic growth. This is especially true in a crisis situation both in the global economy and in Russia in particular.