Global and regional risks concerning the economy and trade in Bulgaria

Violeta Peteva Laskova ()
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Violeta Peteva Laskova: University of Economics - Varna

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2015, issue 1, 73-78

Abstract: Unstability and unsertainty are typical characteristics of the contemporary globalized dynamic and competitive economic environment. In a general way the risk is also typical and irrevocable characteristic of the economic realities, of the decision making process, of the behaviour and self-evaluation of each economic actor. The risk is an irrevocable part part not only of the economy, but of the public life in its all diversities – political, social, cultural, ecological, technological, informational, psychological risks etc. According to the importance and scale of its sources, the risk usually is determined as global and local (regional). But these classifications are too relative and conditional because of the great interaction between global and local. The global risks turn into local and vice versa. The World Economic Forum especially emphasizes on the holistic approach in the examination of numerous and diverse global risks. The most important and powerful global risks are classified in five groups: economic risks (financial and fiscal crises, high structural unemployment, energy price shock); environmental (climate change, extreme weather events, natural catastrophes, men-made environmental catastrophes); geopolitical (interstate conflicts, terrorist attacks); societal (food crises, water crisis, involuntary migration, profound social instability) and technological (breakdown of critical information infrastructure, cyber attacks, data fraud, misuse of technologies etc.).

Keywords: global risks; geopolitical; social; economic risks; holistic approach (search for similar items in EconPapers)
JEL-codes: A00 (search for similar items in EconPapers)
Date: 2015
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