Inclusive Development of the World Countries under Conditions of Globalisation: Models and Arguments

Abstract

This study investigates the features of economic growth in different countries of the world, which are described by differences not only in the achieved growth indicators, but also in the trajectory and nature of stimulating this process. The purpose of this study is to assess the impact of existential parameters of the functioning of countries (leading and growing economies) on the inclusivity of their development in the context of economic globalisation, as well as to justify the priority vectors of socio-political and economic changes aimed at realising the growth potential according to the concept of sustainability. The methodological framework of the research comprises methods of descriptive statistics, correlation analysis, and step-by-step regression. The index of development inclusiveness recommended by the World Economic Forum is used as the main indicator of the country's development. The information basis of this study included international databases representing data by country. The results of the study allowed identifying the main factors of economic development and the dependence of economic growth separately in the leading and developing countries of the world. It is proved that despite the direct or indirect impact of these factors on the economic development of the world's leading countries and countries with growing economies, there is no universal model that would ensure economic growth with a focus on sustainable development. However, it is possible to identify a group of factors that ensure the maximum effect of economic growth. Thus, for countries with growing economies, human development is a priority, while for the leading countries of the world, economic growth is mainly driven by factors such as the environmental footprint per person, the Human Development Index, the Globalisation Index and the cost of imported resources. Dynamic changes in the global space, trends towards further development of human capital in all countries, unpredictable consequences of the impact of COVID-19 pandemics determine the prospects for further research in this area

Keywords

• globalisation
• differentiation
• inclusive development
• economic growth