Shkurat Mariia, PhD in Economics, Associate Professor, Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine

ORCID ID: 0000-0003-3263-2507
e-mail: m.shkurat@donnu.edu.ua

Kuzmenko Yehor, applicant for higher education, Vasyl’ Stus Donetsk National University, Vinnytsia, Ukraine

ORCID ID: 0009-0009-4403-4089
e-mail: kuzmenko-i@donnu.edu.ua

Ukraine’s Foreign Economic Policy in the Context of Accelerating Globalization Processes

Abstract. Introduction. This article examines the fundamental aspects of globalization, including its positive and negative aspects, as well as risks for national economies. Ukraine is actively involved in the globalization process, which has a positive impact on various aspects of its economic development and helps the country take its place in international economic relations. The purpose of the article is to highlight the nature of globalization and its impact on the economy, particularly in Ukraine. The acceleration of globalization processes in Ukraine, even in times of war, is highly active, but it has both positive and negative consequences. Ukraine entered the process of globalization with limited economic preparation, so the main task is to bring its economy closer to the level of developed countries through the correct formation of foreign economic policy and changes in the internal structure of state policy.

There are various interpretations among scholars regarding when the process of globalization began. Scholars often attribute the beginning of the “global era” to different years, most commonly the 1950s, 1970s, or 1990s of the last century. However, all agree that the modern era is characterized by changes that accelerate global integration.

Globalization emerged as a process that significantly differs from internationalization. In contrast to internationalization, globalization not only encompasses all aspects of life but also implies a transition from a system of open national economies to an integrated global economy. The process of integrating the global economy involves expanding economic activity beyond individual countries and is associated with increased economic openness and interdependence in all spheres of society. This can have a significant impact on the economy, politics, culture, and society, promoting greater international integration and cooperation but also giving rise to challenges and problems such as inequality and conflicts.

The most discussed topic today is the war in Ukraine. Therefore, all efforts of the country’s leadership and each citizen are directed towards reclaiming temporarily occupied territories, preserving as many lives as possible, and defeating the aggressor. To achieve this, the country needs to establish its external economic and political relations because, in modern realities, any war is a global process that poses a danger to all of humanity.

One of the most crucial stages of Ukraine’s integration into the global arena is its accession to the European Union. The integration of Ukraine into the European Union is an extremely complex dilemma for both Ukraine and Europe, especially in a state of war. Ukraine, as a subject of international relations, is capable of building its foreign economic relations on mutually beneficial terms. However, factors such as the war-damaged industrial, civil, energy, and logistical infrastructure, a decrease in the population due to the war, and other consequences of the conflict significantly complicate Ukraine’s integration into the global economy.

Factors like intense competition in the international market and the need for flexible strategies and tactics on the part of goods producers require the establishment of specialized structures in Ukraine to coordinate and ensure the functioning of the entire infrastructure related to international economic relations.

Purpose. The purpose of this research is to illuminate the essence of accelerated globalization, analyze the impact of this process on the economy of Ukraine, and describe the necessary Ukrainian foreign economic policy in the conditions of accelerated globalization.

Results. This article examines the main aspects of globalization, including its positive and negative aspects, as well as the risks to national economies. Ukraine is involved in the process of globalization, which positively affects various aspects of its economic development and helps the country take its place in international economic relations. The purpose of the article is to highlight the nature of globalization and its impact on the economy, in particular in Ukraine. The acceleration of globalization processes in Ukraine, even in the conditions of war, is very active, but it has both positive and negative consequences. Ukraine entered the process of globalization with limited economic preparation, therefore the main task is to bring its economy closer to the level of developed countries through the correct formation of foreign economic policy and changes in the internal structure of state policy.

Conclusions. Ukraine is actively advancing on the international stage, both in political and economic dimensions. The country has increased its influence and role in global globalization processes, enabling it to pursue an active policy aimed at strengthening its interests and promoting its development.

Geopolitical changes, strategic alliances, European integration, access to foreign markets, and other aspects underscore the importance of Ukraine in global politics and economics. Building new logistics chains and diversifying energy resource supplies are also significant, contributing to the country’s development and reducing its dependence on a single supplier.

However, Ukraine also faces challenges and difficulties, including political, economic, and social issues. The country’s tasks include ensuring security, social stability, infrastructure development, and effective economic reforms that will help maintain and enhance its positions in the global context.

Ukraine has the potential for further growth and improvement of its standing on the world stage, but this requires the implementation of systemic reforms and the development of strategic sectors that contribute to sustainable economic and political development in the country.

Keywords: Globalization Processes; Integration; Economic Development; Globalization; International Economics; World Economy; State.

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