Taxonomy of factors affecting the competitiveness of countries in the context of global challenges

Viktoriia Shkliar, Zorina Atamanchuk and Ivanna Strilok
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Viktoriia Shkliar: State University of Infrastructure and Technologies
Zorina Atamanchuk: Vasyl’ Stus Donetsk National University
Ivanna Strilok: State University of Infrastructure and Technologies

Economic Synergy, 2024, issue 3, 63-82

Abstract: Maintaining a high level of competitiveness in today's changing environment requires constant monitoring and adaptive measures to address the impact factors caused by global challenges. Internal and external environmental factors affect the current state of the economy, the ability to operate in the global market, macroeconomic stability, the level of investment and innovation attractiveness, the ability to integrate into international markets, etc. Therefore, it is advisable to use an integrated approach to the analysis of influence factors based on their taxonomy, which allows a country to develop effectively, maintain economic stability and improve its position in the global market. The article identifies the main globalisation challenges faced by countries in the world markets and affecting their economic sustainability and competitiveness. The main ones are economic instability and inflation, climate change and environmental requirements, technological changes and digital transformation, geopolitical instability, demographic changes and migration, changes in global trade, rising inequality, high debt burden, challenges of multiculturalism and national identity. The features of competitiveness at different levels of government are considered and it is determined that the most influential factors on the country's competitiveness are the macro-level and mega-level factors, since they are of the greatest importance and affect the economic efficiency of the country. The factors of influence on the country's competitiveness are systematised according to the levels of management, namely, the macro-level and the mega-level. The main groups of factors inherent in each of them (economic, political, technological, investment, resource, infrastructure, institutional, economic, force majeure, which are inherent in both levels, as well as social, which are more inherent in the macro level) are identified and their components are characterised. The interrelation and mutual influence of the factors of these levels on the country's competitiveness are substantiated. In order to ensure a high level of competitiveness of the country, it is necessary to carry out a systematic analysis of the identified factors, develop and implement effective management strategies with their consideration.

Keywords: ompetitiveness of the country; global challenges; classification of factors; macro-level and mega-level factors of influence; economic growth (search for similar items in EconPapers)
JEL-codes: F01 F20 O11 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2024:i:3:p:63-82

DOI: 10.53920/ES-2024-3-4

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