Page 86 - RUICHSS 2023 Proceeding

University of Ruhuna ISSN: 2706-0063
Matara, Sri Lanka

Keywords: Digitization, Digital Economy, Economic Development, Sustainable Economic
Development, Women's Empowerment

1. Introduction

At present, economic empowerment is predominantly supported by
digitalisation. Thus, political theorists, social scientists, and reformers

prioritise this issue. Without digitalisation, it is impossible to eradicate poverty
in countries. The digital economy facilitates and enables knowledge

management and has a bidirectional relationship with economic development.

By encouraging micro, small, and medium-sized businesses (MSMEs), it can
enhance economic growth, innovation, and competitiveness. The

empowerment of the digital economy generates new employment
opportunities and self-employment; increased formal and non-formal

education; and improved health and gender-related information and services.

Mobile applications and social media enable the formation of new knowledge
in spaces mediated by the digital economy; participation in social

conversations; the creation of new content; and the formation of socially
relevant connections and networks (Dharmayanti et al., 2022). Digitalisation

is possible in the education, law enforcement, banking, and finance sectors, as

well as the healthcare sector. However, digitalisation can result in antisocial
behaviour, economic instability, addiction, a departure from traditional social

life, intergenerational conflicts, and health problems such as poor sleeping,
eye and sleep disorders, muscle pain, social anxiety, and mental disorders.

These undesirable results require special consideration (Yadav,2022).
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