DETERMINANTS OF ECONOMIC GROWTH AND DEVELOPMENT IN CONDITIONS OF THE MODERN CHALLENGES OF GLOBALIZATION

Abstract

The purpose of the scientific paper "Determinants of economic growth and development in conditions of the modern challenges of globalization" is to identify the modern features of globalization, to reveal the main determinants of economic growth and development, to characterizetheir specificity, to characterize the main challenges of Georgia in this regard and to formulaterelevant recommendations. The world civilization is characterized by a particularly high degree of uncertainty, which is caused by the processes taking place in various spheres of society, which with their scope of action go beyond the boundaries of one specific sphere and in many cases are not the cause of significant, sometimes crisis shock effects in other spheres. First of all, it is important for every state to ensure the sustainability of the functioning of the socioeconomic system of its country, which has become relevant in the environment of turbulent globalization processes. The sustainability of a country depends on its level of socio-economic security, which in turn is a complex problem and involves economic, social, ecological, technological and other areas of community life. Consequently, it is relevant to use the socio-economic concept, systematic representation and analysis of economic and non-economic factors in identifying the determinants of economic growth and development of the country. Determinants of economic growth and development, such as high level of uncertainty, global climate change, formation of a knowledge based economy, cultural and value characteristics are distinguished. For Georgia, opinions are expressed about the recommendations related to the mentioned challenges and determinants.

Keywords: turbulent and confrontational globalization, insecurity, determinants of economic growth and development of the country, peculiarities of national culture