Scientific Bulletin of Mukachevo State University. Series “Economics”

Vol. 11, No. 4, 2024 27.12.2024 open access Open access

Adaptation of the economic policies of the US, EU and post-Soviet countries to new realities of the global economy: A comparative analysis

Avtandil Silagadze, Elguja Mekvabishvili, Giorgi Gaganidze, Tamar Atanelishvili, Mikheil Chikviladze

DOI https://doi.org/10.52566/msu-econ4.2024.106 Pages 106 –119 Views 1,669 Views

Abstract

The study aimed to address the impact of global economic changes on national economic strategies and to address the peculiarities of adapting countries’ economic policies to the new conditions. The study analysed modern approaches to adapting economic policy in the context of globalisation, digitalisation and environmental challenges. The strategic directions of economic policy addressed integration into global economic processes, digital transformation, sustainable development, economic diversification and social orientation were assessed. The first aspect was global integration, which involved opening markets, developing international cooperation and actively participating in global production chains. The second important area was adaptation to digital changes, which included the introduction of the latest technologies, such as artificial intelligence, blockchain, and big data analytics. In addition, the importance of sustainable development as a basis for ensuring environmental safety and economic growth was emphasised. Analysis of the experience of the United States, the EU and post-Soviet countries determined that economic policy should prioritise innovation, energy efficiency and digital transformation. The US is characterised by support for innovative start-ups, the development of digital technologies and energy transformation through programmes. The EU is actively investing in renewable energy and digital transformation, implementing green economy strategies. Post-Soviet countries, including Ukraine, Georgia and Moldova, face challenges related to reforms, limited resources and integration into the EU. However, these countries are already making progress in energy transformation, digital development and regional cooperation. To ensure sustainable economic development, countries must flexibly adapt their policies to global challenges, intensify digital transformation and energy transformation, and invest in innovation and regional cooperation

Keywords

energy security; digitalisation; environmental issues; COVID-19; market regulation

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Suggested citation

Silagadze, A., Mekvabishvili, E., Gaganidze, G., Atanelishvili, T., & Chikviladze, M. (2024). Adaptation of the economic policies of the US, EU and post-Soviet countries to new realities of the global economy: A comparative analysis. Scientific Bulletin of Mukachevo State University. Series “Economics”, 11(4), 106-119. https://doi.org/10.52566/msu-econ4.2024.106