The Development and Transformation of Digital Economy Before and After the Pandemic Era

COVID-19 has significantly impacted the global economy. The pandemic pushed the digitalization of the economy as a catalyst accelerating the changes and leaving a profound imprint in the digital economy as many temporary measures had a long-lasting impact or were kept or modified. Nowadays, digital technology has gradually transformed from being merely an information carrier into a production factor. The digital economy enhances the efficiency of production factor allocation by upgrading industrial structures digitally and helping manufacturing break down information barriers. As a result, the application of digital technology has become a key factor in the development and transformation of the manufacturing industry. COVID-19 has driven the transformation of the industrial chain in production, transportation, storage, and sales, improving the efficiency of various economic operations through the expanded application of the digital economy. In the post-pandemic era, the digital economy mainly faces challenges from security, governmental regulation, and the digital divide, whose solution or proper handling is vital for the development of the digital economy. However, the vision for the development of the digital economy is bright as it is beneficial to both individuals and enterprises, is encouraged by many governments, and is consistent with the idea of connectivity and sustainability.