Information And Communication Technologies - A Key Factor Of The Competitive Digital Economy

Abstract

The digital economy represents an economy based on digital technologies and the predominant use of
information and communication technologies (ICT) in all areas of the economy. In the modern business environment,
ICT is becoming the most important driver of innovation, growth in competitiveness, and a source of new business
opportunities. Accordingly, the main goal of the work is to determine whether and to what extent information and
communication technologies affect the competitiveness and development of the digital economy in Serbia compared to
other Western Balkans countries. The research is based on a descriptive analysis of secondary data from the World
Economic Forum. The research results showed that the countries of the Western Balkans do not invest enough funds in
the ICT sector, which has a negative impact on their further development and growth of macro-competitiveness.
Although the progress in the field of digital transformation of Serbia is exceptional, our country is in a better position
compared to the countries of the Western Balkans, while it still lags behind the EU countries when it comes to the
acceptance of ICT, infrastructure and innovation system. The result is the lack of information and communication
development of companies in the segment in implementing modern ERP and CRM systems.