Strengthening of the Regional Orientation of Economic Systems in the Context of Slowbalization

Abstract

The purpose of the article is to study the evolution of globalization of the world economy, estimate the consequences of strengthening the regional orientation as a result of slowbalization (slowing down the growth rate of the economy) and substantiate the measures to mitigate the consequences. As a result of the study, the stages of globalization are distinguished on the basis of world indices of open trade, which are: industrialization, interwar period, post-war period, liberalization and slowbalization. The dynamics of the worldwide GDP growth rate is studied and the onset of slowing down (or slowbalization) of the world economic system is substantiated. The problems of globalization are defined and factors of development of slowbalization are outlined. The peculiarities of the transformation of the global space are distinguished and it is substantiated that slowbalization can lead to strengthening of regional ties within economic systems. An analysis of regional slowbalization of economic systems was carried out, a detailing of de-globalization in China, Europe and Central Asia was considered, the impact of slowbalization on the economic development of the regions of Ukraine was determined. It is substantiated that the growth of socio-economic inequality of regions, which directly affects the level of socio-political stability, acts as a limiter of economic growth. It is determined that the State investments for the implementation of large-scale projects in Ukraine will ensure the development of the national economic system in harsh conditions of slowbalization. It is noted that in order to mitigate the negative consequences of slowbalization in order to develop economic systems, it is necessary to ensure consolidation of all sectors of the economy with a simultaneous focus on the specialization of the economic system. Prospects for further research in this direction are to define the priority intraregional flows in Ukraine in the context of slowbalization and to develop appropriate industrial and investment policies for the development of regions in order to their further economic development.

Keywords

• globalization
• slowbalization
• regional development
• economic system
• geoeconomic advantages