PECULIARITIES OF GLOBALIZATION IMPACT ON THE IMPLEMENTATION OF STATE POLICY OF COUNTRIES WITH ECONOMIES IN TRANSITION IN THE MODERN PERIOD OF CHALLENGES OF THE COVID-19 PANDEMIC

Abstract

As a result of uneven globalization, numerous shocks caused by the COVID-19 pandemic have hit the global economy, which is characterized by slow growth, low trade and business transformation, and growing inequality. Even before the pandemic led to the recession of the world economy, the tasks of dynamic development after the previous global economic and financial crisis were not solved. In 2020, the world economy showed the slowest growth in a decade, with the decline in economic activity in different parts of the world was largely synchronous, and the risks of further decline were high. The slowdown in the recovery from the global economic and financial crisis of the COVID- 19 pandemic may be largely justified by low investment in the real economy, which has also continued to significantly reduce global productivity growth. The dynamics of growth in the developing world have often been closely linked to volatile international capital flows, and many developing countries are no longer closing the gap in living standards, but lagging behind. The vulnerability of most developing countries has been exacerbated by destabilization caused by the rapid spread of digital technologies. The slow rise of the COVID-19 pandemic following the global economic and financial crisis and the political decisions affected by globalization and socio-economic progress have been accompanied by deteriorating incomes and wealth as property inequality has become one of the most pressing economic, social and political challenges of our time. Inequality has caused socio-economic tensions in developed countries, where income inequality and property inequality have risen sharply, leading to polarization between wealthy citizens and the general population. The polarization of income and well-being was accompanied by intergenerational tensions as the hopes of younger populations reached a higher standard of living than their parents became increasingly illusory. The deepening fault lines in the world economy and the increased vulnerability of developing countries have also been the result of changes in international production that are becoming increasingly apparent. The slow growth of trade, with global trade growth slowing against global income growth, has raised concerns about the possible achievement of global economic growth during the COVID-19 pandemic.