The significance of the economy and economic problems is great in today’s global world: so far the market has dictated its conditions to all spheres of human activity. Economic relations, material values and commercial profit considerations form the basis of national and corporate interests. This means that economic processes have a direct influence on the environment and security, social development and the implementation of scientific-technical achievements. Global problem solutions depend on the level and direction of economic activity, because they have an economic nature.

The character of global economic problems is defined by the fact that they encompass the whole of the global economy. They originated in the 20th century when national economies divided into industrially developed countries (colonial countries and former colonial countries) and agricultural resource countries (colonies and former colonies). There is an opinion that most global economic problems have been caused by the effect of the expansion of industrialised countries and their domination in sectoral markets and consumer markets. 

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The following global economic problems have serious significance for the world economy and national economic systems, civilisation development, international relations and the environment: 

  • Most common natural resource management technologies remain inefficient; some to them are barbaric, inflicting great harm to the environment;
  • Hydrocarbon energy, which brings considerable damage to the Earth’s crust and atmospheric air, still dominates the fuel and energy complex of most countries;
  • Mineral fuel consumption growth leads to globalising the energy problem, while tying the value of money and pricing mechanisms to the price of energy resources creates instability in currency and stock markets;
  • The space (linear) type of economic evolution leads to increasing consumption of all types of natural resource, and growing production waste and consumption levels, which accelerate the worsening of the environmental situation;
  • Transportation and logistics development levels lag behind the development levels of production and e-commerce;
  • Widening income discrepancy between the most developed economies and the least developed economies, which affects the quality of life in these countries;
  • Growing unemployment in developing countries; labour migration lacks any system, order or manageability;
  • Poverty is growing in many developing countries proportionately to population growth and associated food shortages;
  • Over recent years, growing military expenses have unfavourably affected national economies, the world economy, and contradicted planetary needs; they have led to the deformation of the normal functioning of economic systems (they are: stalling industrial-technological development; increasing budgetary deficit; encouraging inflation; diverting human and other resources from solving pressing socio-economic problems; and negatively affecting international relations and aggravate tension between nations);
  • Most countries have not yet been able to fulfil the potential of their human resources.

As practice shows, the group of economic problems prove to be the most complicated compared to other global problems of the modern world. This is because economic contradictions and difficulties underlie all existing and emerging global problems. The problem of overcoming poverty, and the disparity of the standard of living in developed and developing countries is being resolved very slowly. Efforts made in this regard have little effectiveness due to: inflation; high population growth in Third World countries; incorrect schemes and methods of calculating the poverty line; a minimum standard of living; and the international poverty level etc. The most important factor is that the very practice of so-called government and international help to the poor is superficial and futile, because it changes nothing in the actual genetic foundations of the problem, and its reproduction mechanisms.

The efforts of the scholarly and business communities, politicians and public leaders should be directed at resolving global economic problems.

We urge users of our website, who share Planetary Project ideas, to let us know what your analysis and assessment of global economic problems are and propose solutions.