Modern global challenges and trends: diagnostics of impact on the region’s endogenous development

Abstract

Different approaches to the interpretation of the definition of “globalization” and assessments of its impact on the endogenous development of the state and regions are considered. The paper argues that global trends have a decisive influence on the economy and the potential of endogenous development of the regions of Ukraine in view of: strengthened polycentricity of spatial development; expansion of protectionist tendencies and global asymmetry; reduced level of functionality of international institutions; the beginning of regionalization of virtual networks. Based on the analysis of domestic and foreign scientific literature and analytical materials, the main modern globalization challenges and trends are revealed - strengthening the interdependence of the world’s economies; strengthening economic protectionism; growth of external debts of the world; growing inequality in income distribution, widening the gap between rich and poor countries; urbanization, metropolization; political, ideological, and military challenges, etc. The main areas of influence of these megatrends in the context of endogenous development of the region are named - the resistance of the region’s economy to cyclical global fluctuations and risks; the region’s involvement in global value chains; intellectualization of labor, human potential, knowledge economy, and creative economy; cohesion of spatial socio-economic development; cybersecurity of the region’s economy; virtualization of socio-political relations; digitalization; migration and tourist flows, etc. The paper proves that the impact of current global challenges and trends on the endogenous development of the region is multidirectional. Thus, some trends may pose risks and threats to the endogenous development of the region (i.e. cause deterioration of its socio-economic status), and others - may still have positive or neutral results despite the creation of certain threats to the security of the region.