CRISIS RESILIENCE AS A FACTOR FOR ENSURING SUSTAINABLE DEVELOPMENT IN THE CONDITIONS OF GLOBALIZATION TRANSFORMATIONS

Abstract

The article is devoted to the study of the impact of globalization transformations on the crisis resistance of economic systems and their opportunities for sustainable development. It is substantiated that in the conditions of globalization transformations, crisis resilience acquires special importance not only as a factor of the survival of economic systems, but also of ensuring sustainable development. Crisis resilience is defined not as the ability to return to the pre-crisis state after a crisis, but as the ability to adapt to crisis manifestations and ensure sustainable development in new conditions. It is shown that globalization transformations are now one of the main factors leading to crises. At the same time, globalization allows economic systems to obtain additional economic benefits. It is shown that in the conditions of globalization, the processes that take place in one of the spheres inevitably acquire a general character, influencing the processes and phenomena in other spheres. Such a relationship exerts such significant pressure that it is often difficult to distinguish purely economic, political, social, legal, cultural and other phenomena and processes. It was determined that there is now a significant slowdown in the pace of global economic integration, a direct reversal to less specialization, and, as a result, a slowdown in the growth of production and incomes, as well as an increase in inflationary pressure. It is shown that in the conditions of globalization transformations, the crisis resistance of any economic system will be determined by whether the leadership of individual countries or commonwealths of countries recognizes the existing vulnerability to these transformations or denies it. The crisis resilience of the economic system will be based on the capacity to overcome, adapt and transform. The capacity to overcome includes a set of measures that are aimed at short-term actions to stop the negative consequences of the developing crisis. The capacity for adapt involves the formation of a set of measures, mainly focused on state institutions and processes, which in the future may turn out to be the most vulnerable to the manifestations and consequences of crises. The capacity to transform is the capabilities of the economic system to change in accordance with the transformations taking place in the external (global) environment, and to perceive unforeseen circumstances as an additional chance for sustainable development. It was determined that the economic system will be sufficiently crisis resilience if it has the capacity to overcome, adapt and transform at the same time, which will allow to create a closed loop of managing sustainable development in the conditions of globalization transformations.