CONSEQUENCES OF THE GLOBAL CRISIS: GLOBAL TRENDS

Keywords: economic crisis, modern civilization challenges, GDP per capita

Abstract

The combination of society's transition to the sixth technological system and the global economic crisis that began in 2019 has deepened the economic, environmental and social problems of mankind. The existing economic concept of development cannot solve the accumulated environmental problems: air and water pollution, intensive deforestation, soil erosion, exacerbated by increasing world population. Contradictions between socio-economic phenomena have also intensified: overproduction, famine, environmental inequality (waste removal outside the country, transfer of harmful production). Limitation of energy non-renewable resources lead to the development of "green" energy, replacement of energy systems on fossil fuels – renewable electricity and renewable gases. Countries around the world are not equally responsive to the global non-cyclical crisis caused by the spread of the SARS-CoV-2 virus crown. The consequence of the global economic crisis is the strengthening of income inequality in the world, which confirms the analysis of GDP per capita (constant $ 2010) for 175 countries during 2019-2020. The method of descriptive statistics in the STATISTICA software package was used for the analysis. The median value of the indicator indicates that although the indicator has a significant scope ($ 208.07 to $ 111043.5), in 87 countries it did not exceed $ 5792.3. The average level of decline in the growth dynamics of this indicator in the world is 4%. Analysis of the distribution of GDP per capita in 2020 shows that in the vast majority of countries there was a decline from 0.1% to 20%, however, in 17% of countries there is an increase in this indicator. Such countries include Guyana (42.8%), Ethiopia (3.4%), Tajikistan (2.1%), Vietnam (2%), China (2%), Egypt (1.6%), etc. Among countries with a GDP per capita above $ 40,000, the positive growth rate remained in Ireland (2.2%). The further trend of economic development of each country will depend on the effectiveness of growth potential, attracted anti-crisis potential and threats and opportunities provided by the crisis, given the transition of mankind to a new digital age and technological system.

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Published
2021-07-27
How to Cite
Lola, Y. (2021). CONSEQUENCES OF THE GLOBAL CRISIS: GLOBAL TRENDS. Economy and Society, (29). https://doi.org/10.32782/2524-0072/2021-29-38
Section
ECONOMICS