The Role of the Virtual Economy in Advancing Sustainable Development: Exploring Network Semantics, Cyber Risks, and Digitalization

Abstract

This study explores the role of the virtual economy in advancing sustainable development through an examination of network semantics, cyber risks, and digitalization. The article emphasizes the need for professionals to adapt to new innovations and conditions in order to thrive in the virtual economy. The article aims to highlight the new vectors of language culture and virtual economic semantics and demonstrate the importance of developing foreign language professional information and communication competencies among individuals involved in the digitalization of various aspects of life. The virtual economic environment is analyzed in the context of sustainable development, focusing on cyberspace’s primary risks and challenges, and other factors that contribute to the need for a new language paradigm of virtual competence are examined. The study concludes that to succeed in the virtual economy, it is crucial to prioritize professional foreign language training and develop a new type of specialist who can work in the virtual global economy.

In addition, the article analyzes the virtualization process of the global economic system, its development and deployment in various sectors, and identifies the relationship between the development and deployment of the virtualization process and the information technology market. The study notes that the digitization of processes in various spheres of economic activity is one of the main global trends in the development of modern society, and the definition of the term “digital economy” is analyzed. Finally, the study considers the main types of information and communication technologies and tools used in modern technologies of digitalization of the economy, and their potential for advancing sustainable development.

 Keywords: digitalization, sustainable development, information society, postmodern language competence, network semantics, foreign language professional information and communication competence, virtual economy, virtual communities.