Modern World Economy: Some Aspects of Systemic Changers

Mikhail Vladimirovich Ershov () and Anna Stanislavovna Tanasova ()
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Mikhail Vladimirovich Ershov: Financial University under the Government of the Russian Federation
Anna Stanislavovna Tanasova: Financial University under the Government of the Russian Federation

Spatial Economics=Prostranstvennaya Ekonomika, 2023, issue 4, 145-169

Abstract: Modern global economy is witnessing the creation of brand-new processes which were not seen before. Although the forecasts of economic growth in 2023 are being revised in the direction of improvement, nevertheless, a number of new problems require a lot of attention. Much of what is happening now is unprecedented – in particular, large-scale sanctions of the Western countries against Russia and China, changing processes in commodity markets, increased fragmentation of world economic relations, increased activity of regional associations of countries, etc. All this is complemented by high uncertainty in the geopolitical arena, which makes the problems much more acute and their solution even more difficult. Regulators and businesses in all countries are forced to shape their approaches taking into account the ongoing changes, largely changing the long-standing traditional algorithms for their solutions. The article shows a number of new problematic nodes that have been forming in the world in recent years. The sanctions policy of the Western countries against Russia, which has intensified since 2022, has directly or indirectly affected almost the entire world, increasing trends towards fragmentation. In Russia, under such conditions, significant changes are also required in domestic economic policy. The most important role in this could be played by monetary policy, changes in which may contribute to increasing the strength of the internal foundations of growth and transformation of the economy. At the same time, the changes may lead to a reduction in dependence on external financial markets and the external environment in general

Keywords: global economy; crisis; economic growth; international trade; stock markets; commodity markets; central banks; support measures (search for similar items in EconPapers)
JEL-codes: E5 E6 F00 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2023:i:4:p:145-169

DOI: 10.14530/se.2023.4.145-169

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