The theoretical concept of economic development at the present stage is the process of smartization and digitalization

The principal trends in economic development at the advent of the 21st century evince substantial alterations occurring as a consequence of the advent of cutting-edge technologies, globalization, and social transformation. These developments contribute to the efficiency, productivity, and competitiveness of economies, while simultaneously creating new opportunities and challenges for business and society. The principal trends in economic development at this juncture are the processes of «smartization» and «digitalization,» which have become indispensable prerequisites for economic advancement across all sectors of production and social activity. The digital transformation entails the integration of digital technologies into all facets of business and social activities. This includes the automation of business processes, the development of e-commerce, and the use of big data. At the same time, the smartization of cities and economies involves the use of intelligent systems to improve the efficiency of urban management, energy, transportation, and other sectors. The development of information technologies and the growth of artificial intelligence create conditions for economic transformation, and the integration of digital technologies into all spheres of life and economy can lead to changes similar to those that occurred as a result of the Industrial Revolution. In the long run, the smart economy may change not only the ways of production and consumption, but also social structures and the interaction between humans and machines. However, this raises the need for society to adapt to the rapidly changing technological reality and the importance of developing the skills that will be needed in the future digital world.The article identifies the features of digitalization and smartization as socio-economic phenomena that characterize the current stage of development of the global economy. The article analyzes the conceptual differences between digitalization and smartization as basic concepts of economic development and the current stage of its development and identifies the key characteristics of their implementation.