Vol 32, No 1 (2024): THE WORLD ECONOMY IN THE CONTEXT OF GLOBAL TRANSFORMATION

The aim of the study is to study the transformation of India’s industrial policy and the changing role of human capital during its implementation and transition to a model of selfsustaining economic growth. Since 1947, India’s industrial policy has undergone several significant rotations, while a number of provisions remain relevant today, simultaneously affecting and strengthening the role of human capital. One of the key problems considered in the work is the very high share of unorganized business, which employs, according to various estimates, from 90 to 93 % of the total workforce, which entails both social and economic problems. The methodological basis of the research consists of traditional methods used in this type of work, namely: methods of retrospective, induction, deduction, comparison. The industrial policy implemented in the country since 1948 and its transformation were accompanied by mixed results, not only in terms of economic indicators, but also social ones. The main result of the country’s industrialization was the fact that India was faced with a population explosion, and a serious discrepancy between structural changes in output and employment structure - agriculture still employs the overwhelming share of the country’s population, while the share of the agricultural sector in the structure of GDP is about 15 %. Informal employment remains one of the most significant problems in the Indian market. Despite a number of developed and implemented programs for the transition of workers from informal forms to regular jobs, significant changes have not occurred.

The dynamic relationship between tourism and BeerLao export in Laos is investigated in this article. It provides an in-depth look into the studies that have been conducted showing the various correlations between inbound tourism and economic performance of various countries. Laos is a small landlocked Southeast Asian country with a rich cultural past, magnificent natural beauty and a rising economy despite its small size. Agriculture, particularly rice production, is the economy’s mainstay, although other industries including as manufacturing and services are slowly expanding. The most widely known Laos brand is BeerLao, a distinctive beer label occupying almost 100 % of the country’s market. The current paper explores BeerLao’s history, production, marketing strategies and export destinations, as well as the elements that contribute to its export success - specifically tourism. It seems that the pre-pandemic expansion of BeerLao’s success in the world and inbound tourism dynamics of the country are correlative and have mutually beneficial relationship. The research looks into how tourism might have affected BeerLao’s export volumes and vice versa in pre-pandemic era. The study underlines the importance of tourism and beer exports to the Laotian economy and recommends crucial areas for future investigation. The study intends to provide insights into the economic and cultural significance of tourism and beer exports in Laos, as well as provide meaningful insights to policymakers, investors, and other stakeholders about the potential benefits and problems of these businesses. The study also provides a foundation for further studies of the topical area for Laos products and their possible marketing strategies in regional and world markets.

The study deals with theoretical and practical aspects of Azerbaijan’s participation in regional integration processes. The historical excursus of formation of international cooperation of Azerbaijan with the countries of CIS region and key economic partners in the world is considered. Azerbaijan’s economic interaction with the EAEU countries and possible potential of its development are analyzed. Based on the data of the State Statistical Committee of the Republic of Azerbaijan, we have calculated the key indicators of Azerbaijan’s foreign trade with regional economic integration groupings and proposed their hierarchy. The study substantiates that there is a significant economic and socio-humanitarian potential of Azerbaijan’s attraction to the EAEU grouping. The possibilities of Azerbaijan’s integration interaction with the EAEU are objective in nature and are primarily related to its transport and geographical location, as well as to its production capabilities and the interaction of commodity markets. So far, the integration potential has not been fully realized, but there is a clear trend towards the rapprochement of Azerbaijan with the EAEU countries. Acceleration and deepening of the use of integration potential will depend on many factors, but first of all on geopolitical and socio-economic factors. The most realistic option for Azerbaijan’s integration into the EAEU grouping is the scenario of granting the country the status of an associate member followed by a deeper degree of economic integration.

The purpose of the research presented in the article is to study the impact of the institutional environment on the inflow of foreign direct investment (FDI) into the Ethiopian manufacturing sector. The study uses time series data from 1992 to 2021. using an autoregressive approach. The results show that the development of a right-wing society, along with political stability and a reduction in crime, are two factors of the institutional environment that have a positive and significant impact on the inflow of FDI into the manufacturing sector in the long term. However, the effectiveness of the government had a negative effect. In the short term, the rule of law, control over corruption and the quality of regulation have become factors in the institutional environment that have significantly influenced FDI inflows into the Ethiopian manufacturing sector. The study shows that an enabling institutional environment increases FDI inflows into Ethiopia’s manufacturing sector in both the long and short term. Therefore, it is extremely important for Ethiopia to improve the efficiency of public institutions and strengthen the domestic legal framework and legislation. This will help reduce political instability and promote greater accountability and transparency among government officials, thereby attracting more foreign direct investment from developed and developing countries. Moreover, due to its strategically preferred location in the Horn of Africa and the huge number of available and trained workforce, as well as the improvement of the institutional environment suitable for business, Ethiopia is very attractive as an investment destination.

The evolution of international trade and trade policy has come a long way from mercantilism, A. Smith’s theory of absolute advantage, D. Ricardo’s comparative advantage. At present, there is no doubt that countries choose different models based on objective conditions of the cost of resources, the level of competitiveness achieved in goods and services and other factors. It has been proven many times that countries, following Heckscher-Ohlin’s model, export goods for which there are surplus resources and import goods with scarce resources. However, in the last 30-40 years, new theoretical concepts and views have emerged that, in our view, contribute to an understanding of the development of international trade and economic relations. The study is aimed at systematizing and supplementing the scientific base of trade and economic relations with modern views of scientists, not always directly related to international trade, but explaining its individual aspects, adequate to the current conditions of the world economy. The authors have generalized current theoretical approaches and concepts complementing classical ideas on the development of trade and economic relations. Two groups of scientific approaches have been identified: those that perform the function of forming the framework of the system of trade and economic relations and the function of «fine tuning». It is shown that at present the institutional approach occupies a special place. In particular, specialized bilateral and multilateral institutions can be a powerful tool for the development of trade and economic ties, the impact of which in modern economies cannot be underestimated. It is shown that sanctions cause serious damage to Russia by squeezing out of multilateral institutions of development of trade and economic relations. However, globalization continues to deepen its contradictions, contributing to the further fragmentation of the global world. The study contributes to the explanation of what is a sustainable system of economic relations between countries from the standpoint of modern scientific theories.

South Asia is a subregion of the world characterized by high migration mobility of the population. The number of emigrants from this region is more than 43 million people, and the number of immigrants is almost 14 million people. Most of them occur in the country’s three largest subregions by population: India, Bangladesh and Pakistan. The purpose of the study is to study the management of migration processes in South Asia. For this purpose, the following tasks were solved: territorial analysis of the direction of migration processes in the largest states of South Asia; studying the features of the regulatory framework in the field of migration policy in the region; analysis of approaches and methods for managing migration processes in India, Bangladesh and Pakistan. The directions of migration processes have been studied through territorial analysis: in the context of emigration and immigration. The author’s maps were compiled based on current migration data. The regulatory framework related to the implementation of migration policies in India, Bangladesh and Pakistan is analyzed. The features of the approaches and methods that are used in each of the three countries in relation to the regulation of migration processes both within South Asia and beyond its borders are identified. The following territorial specificity of migration processes in South Asia can be noted: the subregion is more a donor of international migrants (more than 43 million people) than a recipient (almost 14 million people); emigration is growing most rapidly in India, while in Bangladesh and Pakistan it is more regulated by the state and used as a factor in socio-economic development; Immigration processes are completely different in India, Bangladesh and Pakistan. India is characterized by a concentration of international flows, especially from neighboring countries, while Bangladesh and Pakistan are becoming new homes for refugees from Myanmar and Afghanistan, respectively. Migration processes in the countries of South Asia are characterized by intensive and multidirectional nature. Larger numbers of emigrants come from other subregions of the world, while immigration processes affect nearby countries. If we talk about intraregional migration processes, then India is the country that receives the largest number of immigrants from neighboring South Asian countries. Migration policy is an important part of the dynamic development of any modern state; currently India, Bangladesh and Pakistan are making efforts to formalize and institutionalize this process.

The International Federation of Robots claims that the number of robots being produced today is at an all-time high, particularly in sectors like electronics and the automotive industry. Considering this, as artificial intelligence (AI) becomes more and more popular, it is imperative to study the robotics market, particularly in the nations that are major players in it. Robots are now integrated into all industries, especially automotive and electronics. The need for modernization and increasing competition are pushing countries to automate production and improve business processes; the United States and China have achieved the greatest success in this. According to the authors, it is China that will succeed in the industrial robotics market by introducing “smart manufacturing” and “smart factories.” In addition, there is now a growing trend towards creating robots that interact with people: the development of technology, the emergence of artificial intelligence, as well as human acceptance of the robot - all this contributes to the introduction of robots into our lives. Thus, according to the authors, it is the United States that has achieved the greatest success in the field of introducing service robots responsible for interaction with humans. The evolution of the robotics industry in the two major market participants - China and the United States - is analyzed. The study analyzes the industries in both countries to pinpoint development areas and reviews government initiatives that support business growth in both China and the United States.

In the conditions of globalization and development of information technologies, the competition of enterprises on national and international scales is significantly aggravated, which determines the importance of ensuring competitive advantages for any enterprise through innovation. In modern conditions, the effectiveness of innovation activity of the enterprise and, accordingly, its competitiveness depends primarily on the completeness and reliability of business information about the activities of counterparties and the conditions of the external environment. The value of informing about possible changes in the business environment has a manifestation through the prevention of tactical and strategic errors of enterprise management. Innovative development is the basis of competitiveness of modern economies, which provides the possibility of accelerated growth at macro- and micro-levels on the basis of creation and strengthening of intellectual potential in the global business environment. Despite the presence of significant conditions for qualitative changes on an innovative basis, the Russian Federation continues to be in a complex highly turbulent period of unstable growth. Therefore, the task of domestic economic science is to find mechanisms for the implementation of modern management of innovative development in the practice of enterprises in the Russian Federation, systematizing and developing its methodology. This requires an in-depth scientific study in the direction of searching for conceptual foundations for the activation of innovative development of enterprises to make a technological leap in the Russian Federation, in particular, on the basis of attracting breakthrough innovations, modern concepts of knowledge management, formation of relevant business models, management of high added value processes and the use of information and communication technologies in the digital space.