The article analyzes the peculiarities of economic diplomacy in the context of global uncertainty. The authors argue that challenges for national economies are being developed under the influence of global megatrends. The main global megatrends affecting economic, social, and environmental outcomes are assessed. The article identifies the main trends that have long-term tendencies and highlights the areas they cover: nature, people, government, technology, and economy. The authors detail the main trends in the economy, in particular, the formation of a circular economy, the growth of corporate responsibility, rising inequality, changes in the labor market, the vulnerability of global value chains, etc. The world is experiencing not just crises but permanent crises, essentially creating a state of permanent instability. The impact of the war in Ukraine on global instability is argued. The main forms of economic diplomacy are analyzed. Emphasis is placed on investment, trade, and financial diplomacy. Significant differences in the positions of scholars on the components of economic diplomacy are revealed. The article argues that the emergence of new global trends and their transformation into global megatrends leads to the emergence of new types of economic diplomacy. The main changes in the investment and foreign trade policy of Ukraine in recent years are identified, with the intensification of European integration processes taking an important place among them. The authors confirm that the EU remains a leading partner for Ukraine, providing assistance in the economic, humanitarian, and military spheres. Changes in Ukraine’s foreign trade are analyzed and the need to strengthen export capacity and expand its presence in the markets of the world is substantiated. The changes in the geographical structure, primarily in the export of goods from Ukraine, are detected. The NAZOVNI platform is favorable for the development of Ukraine’s export capacity. The changes in the structure of foreign direct investment in Ukraine’s economy are identified as one of the trends. The Advantage Ukraine platform is positive for finding potential investors and implementing projects. Special attention is paid to ensuring the energy security of the state and the role of energy diplomacy as a component of economic diplomacy is substantiated since energy management has a direct impact on economic development and stability. The expansion of international partnerships and the attraction of funds for the reconstruction of Ukraine are noted, but this process requires support and guarantees from the state. The following priorities of Ukraine’s economic diplomacy in the current conditions and for the future are determined: the development of a foreign policy strategy adapted to external challenges, implementation of strategies to support and protect national interests, development of effective integration of Ukraine into the global economic space, diversification of trade relations, etc.
global megatrends, global uncertainty, economic diplomacy of Ukraine, investment diplomacy, financial diplomacy, energy diplomacy, foreign trade, foreign investment
The nature of bank system sustainability is researched. Taking into account a considerable instability of economic development in Ukraine and accelerated changes in the structure of its socio-economic environment, the features of maintaining the sustainable economy development in general and bank system in particular are outlined. In the process of analysis of major parameters of domestic bank system’s functioning the authors confirm that the fall in bank sector activity and its reliability as well as an absence of predicated development trends are among the main reasons of crisis phenomena in economy. The impact of the defined parameters on maintenance of bank system sustainability is determined. Indeed, bank sector is the component of economic system and has a direct impact on real sector, therefore, credit opportunities and restoration of its development paces depend on sustainability of bank system. Domestic bank system had experienced difficulties with maintenance of stability and reliability even before crisis, so the crisis only contributed to existing latent problems. Therefore, one of the major tasks to be solved by regulating authorities is conducting of complex structural reforms based on anti-crisis mechanisms of banks system stability restoration. The nature of bank system’s anti-crisis regulation is defined and its role in conditions of financial instability is revealed. Anti-crisis programs of bank sector development help timely detection, prevention and elimination of risks and crisis phenomena in bank activity. Major activities in terms of anti-crisis regulation of bank system in conditions of global instability are outlined. In order to restore the sustainability of bank system it is necessary to perform strict control for targeted use of refinanced loans, to continue the process of bank institutions’ recapitalization and to raise the level of clients’ deposits protection in terms of change of priorities from the banned early withdrawal of deposits to guaranteeing of repayment of all depositors’ money on part of regulator. These measures will contribute to the country’s overcoming of internal misbalances and minimizing of financial stabilization risks.
bank system, bank system sustainability, crisis, crisis phenomena, anti-crisis regulation, monetary policy, bank system strategies