PERSPECTIVES ON GLOBAL COMPETITIVENESS IN TERMS OF MODERN CHALLENGES AND THREATS: THE CASE OF LEADING WORLD’S ECONOMIES FOR UKRAINE

Abstract

The purpose of the research is to study the global competitiveness of world’s economies and the factors influencing, given the modern challenges faced and far-looking threats. The competitiveness of the national economy has been found to involve the country's ability to compete with others through efficient use of available natural, physical, and intellectual capital to secure resilience and sustainability of nation in sort-term, medium-term and long-term period. The research is focused on analyses of indicators of global competitiveness of world’s economies and the factors influencing, given the modern challenges faced and far-looking threats. The evaluation and comparison of the competitiveness of Ukraine and the highest performing countries according to the world rating on the base of the GCI and the WCR – 10 countries – Denmark, Germany, Hong Kong SAR, Japan, the Netherlands, Singapore, Sweden, Switzerland, the UAE, the USA – has been fulfilled. Strengths and weaknesses were evaluated by the method of mutual comparison. The main threats and challenges at the global and national levels are described. Consistent indicators of the leading counties’ economies in context of far-looking global risks and national challenges are scrutinized. The study uses a mixed approach, including factorial analysis and descriptive statistics. Index method developed on the base of ‘distance to frontier’ approach applied to the countries’ index ranking transformed into upward indices, is suggested to use. Future studies may explore the opportunities for optimization of national competitive advantages given global challenges, constant monitoring of the latest trends in the world economy and analysis of the impact of globalization processes on the formation of the country's competitiveness.