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The article is devoted to the analysis of a specific aspect of the digital economy influence on the dynamics of economic growth, namely, the analysis of the multiplier effects generated by the digital economy. The article analyzes the positive and negative aspects of the digitalization impact on the dynamics of modern macroeconomic development. Attention is focused on the fact that the vast majority of these aspects have already been identified and studied. While researchers pay insufficient attention to the multiplier effects of economic digitalization. It is shown that the relevance of these effects study is determined by the fact that, along with the strengthening of the country’s economic development processes, these effects can generate a shortage of resources and inflation. Consequently, multiplier effects require consideration in economic digitalization projects. Consideration should be supplemented with an active influence on the trajectory of the investment projects implementation through a change in the value of the investment multiplier. The purpose of this article is to analyze the positive and negative multiplier effects generated by modern processes of macroeconomic digitalization. The article clarifies the mechanism of action of the investment multiplier through the formation of multiplicative chains based on the transformation of the expenses of some their participants into the income of others. The positive and negative directions of the influence of digitalization on the dynamics of the investment multiplier are characterized. It is concluded that the positive impact generated as part of the digitalization of the world economy on the value of the investment multiplier prevails over the negative ones. The results obtained are confirmed by statistical data characterizing the multiplier effects of the digital economy in different countries of the world. It is noted that certain concerns remain regarding the negative impact of digitalization on multiplier effects through its impact on the labor market.