THREATS AND OPPORTUNITIES OF GLOBALIZATION

Abstract

In the modern world and space, the process of globalization in all directions has reached undefined dimensions. Globalization in modern conditions has gone beyond the boundaries of economy, politics, culture, public groups and has covered all areas and directions of human activity and work. The rapid development trend of globalization has created opportunities as well as threats that can lead to the loss of sense of space and time, and as expert circles suggest, these processes are the basis and will lead to the creation of a new planet and a new system.

The sustainable economic development and growth of globalization, with continuous technological progress, is directly related to the commercial industrial revolution of global importance. Contemporary challenges and the analysis of the opportunities and threats of globalization in general reveal that one of the important roles for strengthening the theories of globalization is assigned to technologies and markets. At the same time, attention is paid to analyzing the economic processes, main challenges and threats in Georgia against the background of globalization.

In recent years, in the development of the world economy, it is worth mentioning the modernization and internationalization of the financial market capital, which gave a special role and importance to the sharp growth of investment resources. It plays an important role in international economic integration in Georgia and also in developing countries. On the other hand, the current processes in the world economy indicate the existence of four main stages: existence-establishment of free trade zones, creation of customs relations, formation-development of economic relations and formation of a single economic space.

At the beginning of the 21st century, during the deepening of global processes, the issue of developing a common index of globalization was on the agenda. The criteria included in it are mainly based on the annual reports of the World Bank, the International Monetary Fund, and the United Nations. In recent years, the mentioned research covered 207 countries. The index indicator is divided into 3 main categories, which are based on different evaluation criteria

The essence of globalization refers to the combination of political, social, economic and cultural processes taking place in the world. In the paper, I will discuss the essence of globalization, its opportunities and threats, what impact globalization processes can have on economic development. I will also talk about the current topic of recent times, the role of international markets, the spread of COVID19 and its consequences. I will discuss the importance of international markets, the connection between the pandemic and the systemic processes of globalization. In the discussion and results, I will focus on the opportunities and threats of globalization, as a fair globalization, which, in turn, helps to reduce the causes of the threats of globalization and thus promote economic development.