TRANSFORMATIONS AND CHANGES IN THE DEVELOPMENT OF GLOBALIZATION IN THE WORLD ECONOMY

Abstract

The article examines the influence of processes of transformation of directions of globalization on the development of the world economy. The article analyzes new forms and changes in the development of globalization and its impact on the economy and the consumer. Trends in the universalization of consumption standards, the rapid development of digitalization, international trade, and electronic commerce have been identified. The prerequisites for the development of global chains of added value and the growing role of globalization in the activities of enterprises and consumers are analyzed. It was determined that the globalization of the world economy contributes to the economic development of industrialized countries and increases the level of employment of the population, including due to the dynamic development of electronic commerce and the introduction of new innovations in various fields. Under the influence of globalization, taking into account the rapid development of information and communication technologies, trade is expanding not only in goods and services, but also in technologies, knowledge and other innovative products, which are directly interconnected with scientific and technical development and contribute to the further development of the internationalization of production and the deepening of globalization processes as a whole. In the world economy, there is a steady trend of outpacing the growth rates of world trade relative to world GDP. The strengthening of competition arising in the markets and the expansion of supply leads to lower prices and an increase in the variety of goods and services in the consumer market. Thus, the level of well-being and comfort, as well as the standard of living of the population as a whole, increases. Consumers receive the greatest benefits from globalization and the growth of world trade. Globalization makes a significant contribution to the development of international trade. An important feature of globalization is its influence on the innovative development of national economies, therefore, in the modern world, it has a special role, since innovations are the basis of economic growth and serve as the foundation for ensuring the growth of product competitiveness. Innovative activity of the state is a guarantee of qualitative changes in the structure of production as a result of the creation, application and commercialization of completely new or improved goods or services, and increasing the competitiveness of the state at the world level.