DETERMINATION OF MODERN FACTORS OF ECONOMIC DEVELOPMENT OF THE COUNTRIES OF THE EUROPEAN UNION AND THE WORLD
Abstract
The work examines the issue of economic development of the countries of the world and Ukraine under the influence of factors of modern world development. These factors include the hostilities in Ukraine and the effects of the knockdown of COVID-19. Prior to the onset of this crisis, the global economy was on the mend but had not yet fully recovered from the COVID-19 pandemic, with significant divergence between the recovery trajectories of advanced economies on the one hand and emerging and developing economies on the other . Military actions have become another dangerous factor that has befallen the world economy during the pandemic, and is causing a lack of resources in a number of areas besides energy and agriculture. Because of tightly integrated global supply chains, production disruptions in one country can cascade across the globe very quickly. Ukrainian companies supply specialized production resources, and the lack of some of them is already affecting European car manufacturers. Some countries of Eastern Europe and Central Asia are closely connected with Russia by trade relations and flows of remittances. Today, the economic development of the whole world is affected by the following factors: the military-political crisis in Ukraine, the deterioration of the economic situation in other countries as a result of hostilities, and the consequences of the fight against the COVID-19 epidemic. The paper examines the influence of these factors on the general economic condition of EU countries and other countries of the world. Military actions caused a humanitarian crisis in our country. This led to the deterioration of the economic and social situation on the territory of Ukraine. There was an acceleration of migration processes, a stoppage of production chains. The negative impact can also be felt in other countries. These negative factors are related to economic and financial consequences and secondary effects arising on the markets of raw materials and fuel. While the global economy has not yet fully recovered from the crisis caused by COVID-19. In this case, there are prerequisites for significant economic difficulties on a global scale, which must be predicted.
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