Importance The article analyzes trends observed during the transition to the sixth wave of innovation, challenges to the education system and staff training in the digital economy and sets a list of new competencies for the 21st century. Objectives The article analyzes trends observed during the transition to the digital economy and proposes some options for transforming the existing education system as appropriate for the digital economy. Methods The research relies upon such methods as observation and collection of factors, historical and logic methods, synthesis, etc. Results We reviewed patterns of the sixth economic paradigms and inherent challenges to the existing education system. The article enlists relevant competencies on the advent of the digital economy and formulates proposals for updating educational institutions’ activities in line with needs of the digital economy. Conclusions and Relevance As the digital economy evolves, the industrial system of education will need to be transformed. As one of the effective strategies, there should be balance between the legislative regulation of spreading technology and proactive measures for stimulating the creation of a relevant environment, which would help tackle all digitization issues and challenges, with due safety and available resources.
Keywords: sixth wave of innovation, digital economy, education system, staff training, labor market
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