Global Economic Trends Research Articles

Impact of natural resource rents on global trade dynamics in RCEP: Economic and geopolitical interdependencies

This research analyzes the impact of natural resource revenues on global economic trends in the RCEP countries, emphasizing the importance of resource exploitation in the financial development process. The work explores complex interdependencies between resource extraction, geopolitical risk, economic environment, and trade relationships. Energy efficiency, geopolitical risk, and GDP are the control variables. These findings highlight the importance of natural resource rents, GDP, geopolitical risk, and energy conservation on the trade structure of the RCEP trading partners. Quantile regression studies show the negative effect of oil revenues on world trade, thus providing evidence of the multifaceted link between natural resource earnings and trade outcomes. The findings underscore the significance of policymakers and businesses understanding these interrelated links and their implications for global trade relations. The report offers policy directions for RCEP countries to foster sustainable economic development and enhance export competitiveness. These recommendations aim to further the resource sector's growth, financial infrastructure, and managing geopolitical risks.

Innovation and integration: Analysis of research hotspots and frontiers in "Chinese + vocational skills" education—based on bibliometric analysis visualized by citespace

The "Chinese + Vocational Skills" education is a new form of education merging international Chinese education with vocational training. This paradigm has emerged as a focal point in research on international Chinese language education. This article is aimed to effectively dissect the developmental patterns and prevailing research topics on "Chinese + Vocational Skills", by employing CiteSpace, a tool for visualizing scientific data, to analyze pertinent literature spanning the last decade (2013–2023). The analysis offers insights into the overall landscape and evolutionary trajectory of research in this field. The findings therefrom indicate the followings: (1) Research on "Chinese + Vocational Skills" exhibits certain interdisciplinary characteristics, with an overall trend of rapid growth in research literature, but a relatively small volume of high-quality core literature. (2) "International Chinese Language Education", "Vocational Education", "Chinese + Vocational Skills", and the "Belt and Road" are current research hotspots in this field. "Chinese +",Chinese for Specific Purpose, demand analysis, and vocational skills serve as important turning points for research on "Chinese + Vocational Skills". (3) Research topics related to "Chinese + Vocational Skills" mainly concentrate on four aspects: international Chinese language education, vocational education, talent cultivation, as well as regions and countries, yet disparities of research endeavors exist across these fields. (4) The research frontier of the field mainly focuses on international Chinese language education, "Chinese + Vocational Skills", international vocational education on Chinese language in vocational colleges, and internationalization of Chinese language. Addressing contemporary demands, research in "Chinese + Vocational Skills" needs to align with global economic trends, cater to the actual needs for talent with such skills, and further enhance understanding from various perspectives including educational models, national demands, and internationalization efforts, thus fortifying the capacity of "Chinese + Vocational Skills" education to serve the development of industries.

The Impact of Administrative Decisions on Commercial Freedom in Saudi Arabia: A Legal Study

This legal study examines the impact of administrative decisions on commercial freedom in Saudi Arabia, exploring the intricate relationship between regulatory frameworks and business operations. The research analyzes the historical context of commercial freedom in the kingdom, tracing its evolution from traditional practices to the current legal landscape. It delves into the constitutional provisions and relevant legislation that shape administrative decision-making processes affecting commercial activities. Through case studies, the study illustrates practical implications of administrative decisions on various aspects of business operations, including visa regulations, residence permits, zoning laws, and regulatory compliance. The research identifies key challenges to commercial freedom, such as regulatory barriers and administrative obstacles, while also highlighting opportunities for enhancement, including improved transparency and modernized regulations. The study emphasizes the crucial roles of key stakeholders - government, private enterprises, and civil society organizations - in shaping commercial freedom. It proposes recommendations for reform, focusing on legislative changes, institutional improvements, and fostering an entrepreneurial culture. While acknowledging Saudi Arabia's progress in developing its commercial legislation and regulatory system, the research identifies areas for improvement. It concludes that the kingdom's efforts to balance regulatory oversight with business needs, coupled with its economic diversification goals, suggest a positive trajectory for commercial freedom. However, success depends on continued reform, stakeholder engagement, and adaptation to global economic trends while respecting local cultural and religious values. This study provides valuable insights for policymakers, business leaders, and researchers interested in understanding and enhancing commercial freedom in Saudi Arabia.

Современные подходы к управлению устойчивым развитием сельскохозяйственных предприятий в условиях глобализации

Abstract. The agricultural sector faces challenges exacerbated by global trends such as climate change, market fluctuations and increased international competition. These factors require adaptation and implementation of new technologies to minimize the negative impact on yields and production stability. The importance of sustainable development of the agricultural sector is due to its role in ensuring food security and environmental stability. This requires management flexibility, innovation and collaboration with local communities and government to ensure sustainable development and socio-economic well-being. The purpose of this article is to analyze modern approaches to managing the sustainable development of agricultural enterprises, as well as assessing their effectiveness in the context of globalization. Methods. The article uses methods of analysis of scientific literature, comparative analysis, as well as case studies from various countries. This made it possible to generalize the experience of applying various strategies and practices for managing sustainable development. Scientific novelty lies in the development and application of a multidisciplinary methodological framework that integrates economic, environmental and social aspects to assess the effectiveness of existing management models in the agricultural sector in the context of globalization. An integrated approach includes analysis of indicators such as enterprise profitability, level of environmental impact and degree of social responsibility. Results. The main results are to identify the most effective modern approaches to managing sustainable development, which take into account the specifics of the agricultural sector and global economic trends. The article concludes that the integration of innovative technologies, increasing environmental responsibility and strengthening international cooperation are key factors for successfully managing the sustainable development of agricultural enterprises in modern conditions.

Assessing the Impact of Foreign Direct Investment on Vietnam's Socioeconomic Development and Proposing Policy Recommendations

In recent years, Vietnam has emerged as one of the world's top 20 destinations for foreign direct investment (FDI). Since reforming its Foreign Investment Law in 1987 and joining the World Trade Organization (WTO) in 2007, the country has implemented numerous tax and investment procedure reforms. This influx of FDI has significantly boosted Vietnam's economic growth, job creation, and social welfare. However, challenges persist—complex legal procedures and weak links between FDI and domestic businesses have been ongoing issues for four decades. Moreover, new global economic trends such as the global minimum tax, sustainable development, digital transformation, and the shift towards a circular economy demand timely and appropriate government reforms. These reforms are crucial for developing suitable foreign investment policies and effective FDI attraction strategies. This article aims to examine Vietnam's current FDI landscape, assess its socio-economic impact in recent years, and propose recommendations for a more selective and effective FDI strategy moving forward.

The global risk trinity of hydrocarbon economies: Evidence from the method of moments quantile regression

This paper addresses the critical requirement to understand how global political and economic trends affect stock market dynamics in the Gulf Cooperation Council (GCC) region. Prompted by the region's economic dependency on oil and the growing integration of GCC markets into global financial systems, it investigates the impact of three global risk factors on both Islamic and conventional stock markets in the GCC: financial risk (US CDS and global interest rate volatility), commodity price risk (oil price volatility), and political risk (global geopolitical risk). The present research adopts the method of moments quantile regression to assess the asymmetrical effects of these risks across various market conditions from 2011 to 2021. The findings show significant disparities in stock market responses to global risks in bearish, bullish, and normal states, highlighting the nuances of market dynamics in the GCC. In the face of rising global hazards, Islamic assets may provide potential for portfolio diversification. Policy recommendations emphasize the necessity of incorporating global risk variables into investment strategies to reduce volatility and improve market stability in the GCC.

Strategic Development of World Nickel Producers: Impact of Global Economic Trends

Strategic Development of World Nickel Producers: Impact of Global Economic Trends

Financial resource curse and firms' accessibility to financing in resource-based countries

This study delves into the paradox of the financial resource curse, exploring how the abundance of natural resources in a country paradoxically constrains firms' accessibility to financing. Despite the potential economic boon natural resources represent, evidence suggests that they can lead to less diversified economies, making it challenging for firms outside the resource sector to access financing. Our research aims to dissect this phenomenon by analyzing microeconomic statistics on the financial accessibility of enterprises, juxtaposed with macroeconomic statistics across 170 countries, encompassing over 10,000 firms surveyed from 1990 to 2022. The panel regression analysis allows us to control for both time-invariant country characteristics and global economic trends, providing insights into the causal relationship between resource dependence and financial access for firms. The results are striking, revealing that, indeed, countries with significant natural resource wealth tend to exhibit reduced financial accessibility for firms outside the resource extraction sector. The panel regression models indicate a robust negative correlation between the extent of a country's resource wealth and the ease with which non-resource firms can access financial capital. This suggests that the financial resource curse is not only a real phenomenon but also one that has significant implications for economic diversification and sustainable development. Moreover, findings underscore the need for targeted policy interventions. Countries with abundant natural resources should implement strategies that foster economic diversification, enhance the financial infrastructure to support a broader range of industries, and encourage the development of financial instruments tailored to the needs of non-resource sectors.

Formación de identidad cosmopolita y cultura de consumo: un estudio de Ndibe Foreign Gods, Inc.

The dream of a cosmopolitan utopia and the idea of being locally situated yet globally connected has never seemed more plausible than today. Globality has made the vast supermarket of goods, home decor and exotic items locally available to consumers, irrespective of their geographical setting. The consumption of such goods from around the world has made so-called cosmopolitanism possible. In a way, Cosmopolitanism has acted as an emancipatory force capable of overcoming global inequalities. However, recent global economic trends suggest a contradictory nature of “capitalism-tamed-cosmopolitanism”. Through the study of Okey Ndibe novel Foreign Gods, Inc. (2014), the article argues that capitalism, which is an intrinsic element in global processes, tends to reproduce divisions, which cosmopolitanism claims to dissolve. The paper also addresses the nuances of Aesthetico-cultural cosmopolitanism and its role towards identity formation. The analysis of the text suggests that there is a difference between ‘cosmopolitanism of having’ and ‘cosmopolitanism of being’.

THE IMPACT OF THE COVID PANDEMIC ON THE BUSINESS ENVIRONMENT OF GEORGIA AND THE STRATEGIES TO FIGHT AGAINST THE PANDEMIC

Besik Kvachantiradze E-mail: b.kvatchantiradze@gmail.com PhD Students,Batumi Shota Rustaveli state University Batumi, Georgia https://orcid.org/0000-0003-2833-1007 Abstract: The COVID-19 pandemic has significantly changed the business landscape around the whole world. Georgia was no exception. Against the challenges caused by the COVID-19 pandemic, the business environment of Georgia has undergone significant transformations. The country has recognized the vital role of economic development in the well-being of society, and the government has focused on promoting the growth of innovation while overcoming the obstacles caused by the pandemic. The COVID-19 pandemic has disrupted global trade and tourism, which has had a huge impact on Georgia's economy. With a heavy reliance on tourism, border closures and travel restrictions have led to a sharp drop in tourist arrivals, leading to job losses and reduced business revenue. Small and medium enterprises (SMEs), which are the backbone of Georgia's economy, have faced enormous challenges during the pandemic. Many businesses, particularly in the retail, hospitality and entertainment sectors, have been forced to close due to financial constraints and lack of government support. Addressing these obstacles required coordinated efforts by government authorities and international organizations to mitigate the negative effects of the pandemic and implement recovery efforts. Georgia has been trying to adapt to global economic trends for years; and the pandemic has highlighted the need for acceleration of innovation and adaptation to international business norms and standards. Keywords: Business environment, small and medium business JEL classification: O1, G2, E4

Problems of assessing the balance of economic systems

Subject. The article investigates a model of the balance of the national economic system. Objectives. The study aims at identifying the main characteristics of the balance of economic systems to create a methodology for assessing the balance of the national economic system, and factors affecting it. Methods. We employed general scientific methods of cognition. The systems approach and logical generalization enabled to develop priority areas of the proposed methodology. We also applied methods of statistical analysis of economic data, economic-mathematical methods. Results. We proposed our own methodology for distribution of economic activities by type of subsystems, based on the proposed by G.B. Kleiner model, in two versions, i.e. excluding and including exports and imports. We also offered recommendations and strategies for improving the balance of the economy, which contribute to increasing its competitiveness and sustainability in the face of modern challenges and changes in the world arena. Our model enables to assess the impact of external factors, like global economic trends, changes in the world trade and crisis situations, on the economic stability of a country and development of its industries. Conclusions. The analysis of changes in the balance index in the context of foreign trade and industries helps assess the dynamics of balance and identify factors, including the impact of the coronavirus pandemic, that may affect the economic stability and development of the country.

Exploring the Development Trends of the International Consumer Market Based on Economic Globalization

It is well-known that international trade is crucial for a country's economic status on the global stage, prompting nations to focus on the development of their trade sectors. Various measures are employed to compete for shares in the international market. For example, some economies, in pursuit of national interests, resort to trade barriers, which impacts the liberalization of trade. Currently, the global economic development trend is unclear, and the international trade environment is becoming increasingly complex with the emergence of new technologies and demands, leading to new trends in international trade. In this context, international trade enterprises must actively engage in this trend, grasp the new development trends, and bravely face challenges. This paper mainly discusses the basic concepts of economic globalization and international trade, analyzes the development trends of international trade under economic globalization, and proposes the current status and strategies for international trade development under the backdrop of economic globalization.

Peran Perdagangan Internasional dalam Mendorong Pembangunan Ekonomi dalam Mengentasan Kemiskinan di Indonesia

This research aims to determine the impact of international trade on Indonesia's economic growth. The type of research used is a literature review approach with a comprehensive search of academic databases, articles, journals and books. International trade plays an important role in driving Indonesia's economic growth through exports, product diversification and international partnerships. This study also highlights the challenges Indonesia faces in international trade, including fluctuations in currency exchange rates and the impact of global economic trends. This research concludes that international trade has an important role in forming the foundation of the Indonesian economy and positioning it as a major player in the global market. The study recommends that the government implement policies that support international trade, such as reducing tariff and non-tariff barriers, to increase the country's competitiveness in the global market. In addition, this study suggests that the government should focus on developing human resources and infrastructure to support industrial growth that can contribute to the country's economic development and poverty alleviation.

Impact of Global Economic Trends on International Capital Flows: A Case of Selected Developing Countries

The dynamic link between foreign capital flows in emerging nations and global economic trends is examined in this study. Trade and foreign direct investment (FDI), two important dependent variables, are the main focus of the research, which also looks at how they interact with other independent variables such broad money, CO2 emissions, GDP constant, gross fixed capital creation, and labor force. The study uses data taken from the World Development Indicators for the years 2000–2022 and uses unit root tests to evaluate the stationarity of the variables at the level and first difference. According to our research, wide money, CO2 emissions, GDP constant, gross fixed capital creation, and labor force have a favorable and substantial influence on trade and foreign direct investment (FDI) in developing nations. The results of the unit root tests reinforce the validity of our research by showing that the chosen variables are stable at the level. The study sheds light on the variables impacting the economic dynamics of emerging countries and offers insightful information on the complex relationships between global economic trends and international capital flows. The ramifications of these discoveries extend to stakeholders, investors, and policymakers who must comprehend and maneuver through the intricacies of capital flows within the dynamic framework of worldwide economic patterns.

Cambodia’s Inclusive Education Development from 1953 to 2024: A Literature Review

Cambodia, like many other nations globally, has instituted policies for inclusive education and crafted an educational strategic plan to foster advanced knowledge and professional ethics among individuals with disabilities. The evolution of Cambodia's inclusive and special educational institutions has been influenced by colonization, political ideologies, and global economic trends. This paper thoroughly examines the trajectory of inclusive education across six phases of political change, assessing the achievements and shortcomings of each regime in implementing inclusive education as a driver for national development. Drawing on a comprehensive review of scholarly articles, the research is a valuable resource for scholars, educators, and policymakers aiming to enhance their understanding of Cambodia's history in special and inclusive education. It emphasizes the need for reforms to ensure equal educational opportunities and academic success for students with disabilities.

Examining the relationship between the economic growth, energy use, CO2 emissions, and water resources: Evidence from selected MENA countries

Water shortage and food security concerns are amplified by the spread of irrigated cultures within the context of climatic unpredictability. In the hot, arid MENA area, the frequent drought periods and the continuous deterioration of water resources limits the ecological system's functioning and the sustainable agricultural productivity. Thus, this study aims to evaluate the potential impacts of the evolution of water resources management on the environmental components, using Westerlund’s (2007) panel cointegration and the Common Correlated Effects Mean Group (CCE-MG) estimator for a sample of six MENA economies over 35 years ((1990–2015). In the short run, there is unidirectional causality from agricultureadded value to CO2 and from water productivity to CO2 without any feedback. while, a bidirectional causality nexus was detected between energy consumption and CO2 emission In the long run, however, a feedback causality has been obtained between CO2 emissions, agriculture added value, water productivity, and energy consumption.Sustainable water management, smart water systems, and energy transition in the water related activities are highly recommended as priorities towards a NetZero carbon global economic trend.

ИССЛЕДОВАНИЕ ВЛИЯНИЯ ГЛОБАЛЬНЫХ ЭКОНОМИЧЕСКИХ ТЕНДЕНЦИЙ И ГЕОПОЛИТИЧЕСКИХ СДВИГОВ НА ФОРМИРОВАНИЕ РЕГИОНАЛЬНОЙ ЭКОНОМИЧЕСКОЙ ПОЛИТИКИ

The purpose of the article is to investigate the processes of influence of global economic trends and geopolitical shifts on the formation and implementation of regional economic policy. Discussion: theoretical research and practical aspects of research, identification and justification of directions for the formation and implementation of effective regional economic policy are very complex and contradictory, which confirms the importance and significance of the issue under consideration. Results: the article attempts to study the processes, trends and geopolitical shifts that have a significant impact on the effectiveness of regional economic policy, as well as analyze specific areas that should be formed to achieve strategic goals. The relevance of this article is determined by the fact that in order to form an effective economic policy in the regions, taking into account the ongoing global economic trends and geopolitical shifts, it is necessary to analyze and monitor processes, as well as identify deviations and possible weaknesses that require additional research at the meso level. This article serves as a starting point for a deeper understanding of the vectors of implementation of regional economic policy in the Russian Federation. Analyzing the ongoing processes and ongoing reforms, the degree of their impact on macro and meso-economic indicators and processes taking place in the external environment, the author makes a modest contribution to the scientific discourse on regional economic development. The scientific approach, combined with data and digital support from reputable sources, emphasize the importance of implemented strategies, taking into account the specifics of the region, to solve problems and use the existing potential and the transforming economic landscape. Thus, the study of the impact of global economic trends and geopolitical shifts on the formation of regional economic policy remains at the forefront of the regional economic agenda of the state.

АНАЛІЗ СТАНУ СВІТОВОГО РИНКУ ПРАЦІ В УМОВАХ ГЛОБАЛЬНОЇ ДІДЖИТАЛІЗАЦІЇ

In the context of the Fourth Industrial Revolution, there is a continuous transformation of processes in the labor market. Digitalization of society affects the structure of the employment sector, when some professions become obsolete due to automation of work processes. At the same time, there is a demand for new competencies aimed at working in an online environment. The purpose of this article is to analyze current global economic and technological trends affecting the transformation of the labor market and the formation of new socio-economic relations in the context of the formation of the digital economy. The author draws attention to changes in the nature of work and forms of work activity, requirements for professional skills and abilities. It shows how changes related to the digitalization of the economy directly affect the issues of training and retraining of the most popular specialists. The article systematizes the main global trends in the labor market caused by the digitalization of the economy and the widespread introduction of Information Computer Technologies. In the course of the research, the author revealed that digitalization of the economy has the opposite impact on labor markets, leading to multidirectional processes in the medium term, which is expressed in the reduction of low-skilled jobs, an increase in the level of robotization of production, differentiation of forms of Organization of production, revision of types of economic relations. As a result of digital transformation in industry, it became possible to produce products with higher quality, and the human factor became less significant in many production and technology sectors. The negative consequences of digitalization include the disappearance of a large number of professions, the release of workers, and an increase in unemployment. The author concludes that digital inequality in regional labor markets, with its further development, may negatively affect ensuring the country's economic sovereignty. At the same time, the results of the study suggest that no automation can completely replace a person, so forecasting total unemployment due to the robotization of production is temporary.

Eco-foresight research in shaping country’s science development strategy regarding the green economy

This article focuses on the importance of eco- foresight research in shaping the country’s science development strategy in the field of green economy. The transition to a green economy requires balancing economic growth with environmental conservation, and finding a balanced model is a complex task that many specialists are actively working on. Ecoforesight, which involves the use of foresight methodology in the environmental field, plays a crucial role in identifying potential opportunities and risks for the natural environment associated with landmark innovations and global economic trends. The study aims to assess the long-term environmental impacts of current industrial activities and strategic planning of national industrial policies regarding green technologies. Scenario modeling, especially in the field of green technologies, is an important aspect of environmental forecasting due to its long-time horizons and numerous uncertainties. The article emphasizes the importance of eco- foresight research in ensuring sustainable development and innovation in the context of global strategic trends.

The Interplay of Historical Foundations, Resource Dynamics, and Ideological Frameworks in the Shaping of Tanzania's Foreign Policy Landscape: Practicability of the Dependency Theory

This article analyzes three key variables - ideology, history, and resources - to get a deeper insight into the intricate dynamics shaping Tanzania's foreign policy. The research examines how the country's diplomatic environment is influenced by resource considerations, historical legacies, and ideological shifts within the framework of dependence theory. The findings from the survey show various perspectives on the influence of history, which is consistent with the emphasis of dependence theory on historical variables shaping foreign policy. The examination of resource contributions emphasizes the pressing necessity for policy reform, endorsing the suggestion of dependence theory for strategic resource utilization to reduce external constraints. Tanzania's strategic focus on developing economic partnerships outside of Western markets is evident in its ideological aspect. This is in line with the suggestion of dependency theory to reduce reliance on a certain set of trading partners in order to enhance the country's ability to navigate changing global economic trends. Key Informant Interviews support the study's theoretical framework and demonstrate the ongoing influence of historical personalities such as Julius Nyerere on Tanzania's foreign policy. The study's findings resulted in three significant recommendations. To establish diplomatic partnerships that honour past legacies while adapting to current geopolitical circumstances, it is advisable to take a sophisticated approach to historical connections. Implementing thorough policy change is recommended to strategically protect and utilize national resources in global contexts. Finally, it is recommended to take a proactive approach to diverse economic relationships in alignment with the broader pan-African objective of reducing dependence on specific trade partners. valuable guidance for decision-makers navigating the complex process of developing foreign policy.