From the point of view of economic security, globalization processes bring their
own potential threats, such as: technological differentiation with technological and
social lag of countries that lack competitive advantage and weak resource base; global
inequality of economic and social development, increased stratification and imbalances
in the world economy; the deepening gap between commodity and financial markets,
increased turbulence of international financial flows, the threat of global crises; the
degradation of uncompetitive productions, a rise in unemployment caused by structural
adjustment and new requirements to the quality of manpower; aggravation of social
problems; intensification of conflicts of different nature and scale; loss of national
identity, destruction of the usual way of life; global ecological, economic, and
technological disasters, etc.
Along with globalisation, Ukraine suffers from internal threats related to the
investment and innovation components of the economic security system, namely:
- insufficient funding in the area of research and innovation
- underdeveloped infrastructure for technology transfer
- marked decrease in exports and growth in imports of high-tech goods
- low level of digitalization in the area of R&D
- inefficient incentives and tax policies
- slow development of innovations [16]
Presently, major threats to the national economic security include: instability of
economic growth; insufficient pace of reproduction processes needed to overcome
structural deficiencies in the economy; critical dependence of the national economy on
external markets, low rates of the domestic market growth; small share of products
with high value added; high level of economy shadowing.
A country’s innovative potential is an important component of the dynamic
development of its economic system, especially in the context of globalisation, and
innovation has significant impact on the growth of economic security of firms and
regions, as they are direct or indirect factors of improving the efficiency of all parts of
the economic system and provide for the growth of economic security [9:44]. However,
the threats of using investment incentives may outnumber their possible positive
effects. The main task for Ukraine in attracting foreign investments for the
restructuring of the economy is to create the conditions for foreign investment that
would guarantee the principles of economic security and, at the same time, ensure the
maximum reconciliation of the interests of the state with the interests of foreign
investors [12:154].
Since investments are not necessarily aimed at innovative sectors or industries
with high added value and they do not always bring the expected result, we suggest
that only the innovative component of economic security is a guarantee of achieving
high-tech conditions that would stimulate innovations in the economy and the social
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