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Global Challenges and Risks as Determinants of Economic Progress of Countries in the Context of Global Transformations
Zapukhlyak V. Z., Ivashchuk O. V.

Zapukhlyak, Vitaliy Z., and Ivashchuk, Oleh V. (2024) “Global Challenges and Risks as Determinants of Economic Progress of Countries in the Context of Global Transformations.” Business Inform 7:28–38.
https://doi.org/10.32983/2222-4459-2024-7-28-38

Section: Globalization Processes in the Economy

Article is written in Ukrainian
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UDC 339.9

Abstract:
The aim of the article is to identify the global challenges and risks that determine the economic progress of countries in the context of global transformations. The study argues that the global transformations of recent decades have radically changed the geopolitical and geo-economic space, influencing the dynamics of economic development and socioeconomic progress. It has been established that in research, economic progress is often equated with economic development and economic growth. Scientific approaches of domestic researchers to the understanding of economic progress are considered. It is confirmed that global economic progress is a multidimensional process and is not limited only to the economic sphere, it combines technological, social, political, informational and other kinds of progress. The dynamics of the distribution of the countries of the world by the level of gross national income (GNI) per capita has been determined. The dynamics of economic growth in the world is analyzed. A slowdown in economic growth for countries has been identified and the main reasons for this phenomenon have been identified. An assessment of the risk structure for the short-term (2 years) and long-term (10 years) periods was carried out in accordance with a study by the World Economic Forum. The role of false information and disinformation among the threats to economic progress is revealed. The spread of propaganda and false information has been confirmed to affect press freedom. It is argued that the disinformation industry threatens both political and economic stability, deepens the crisis of democracy in the world. An analysis of the change of political regimes in the world is carried out, changes in political systems in the regions are evaluated. Threats to global democracy have been identified. Among the determinants of economic progress, cybersecurity is singled out. The main global cyber threats are analyzed. The role of violation of the principles of peace and security in maintaining global economic development is argued. The main environmental risks, which are important determinants of economic progress, have been identified. It is emphasized that climate change leads to the depletion of natural resources, which are important for economic activity. Another threat is the growing number of so-called climate refugees. Social polarization is confirmed to be a risk to the global economy and global economic progress. The dynamics of the Social Progress Index is analyzed. The measures necessary to achieve global economic progress taking into account global challenges and risks are proposed.

Keywords: global transformations, economic progress, economic development, environmental risks, Social Progress Index, disinformation industry, informatization, cybersecurity, crisis of democracy, social polarization, technological progress.

Fig.: 7. Bibl.: 23.

Zapukhlyak Vitaliy Z. – Candidate of Sciences (Economics), Candidate on Doctor Degree, Department of International Economics, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]
Ivashchuk Oleh V. – Postgraduate Student, Department of International Economics, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]

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