TRENDS IN DEVELOPMENT OF SCO COOPERATION IN THE WORLD ECONOMY SYSTEM
Abstract
The current state of economic development of the SCO in 2018 using aggregate GDP indicators has been analyzed in the article. The dynamics of GDP, as well as the share of SCO, EU and US countries in the world GDP are determined. The important macroeconomic determinants of the economic development of the SCO countries, which are gross domestic savings have been examined by the author. Thus, the SCO average has decreased this figure. Another macroeconomic determinant that has been analyzed in the paper is gross fixed capital formation. This indicator measures the total cost of acquisition by the producers of fixed assets minus the disposal of fixed assets during the reporting period, plus some additions to the value of non-productive assets (such as underground riches or significant improvements in the quantity, quality or productivity of land) realized by the institutional units of the country. In particular, in most SCO member countries in 2017, this figure was higher than the world average. The growth rates of domestic and foreign trade in the SCO countries, which showed that domestic trade is growing at a higher rate than foreign trade, which indicates an increase in integration processes has been analyzed by the author. The analysis of the essence of regional integration as a form of economic cooperation in the conditions of a globalized economy has revealed that nowadays regional integration is one of the main tendencies of formation of a global economic space, aimed at forming economic ties between different countries and regions with supremacy of supranational interests, alignment of basic characteristics of international markets, creation of conditions for reforms within the group itself, openness of economies of its member countries SCO. Therefore, Asian countries have high expectations of the SCO in addressing topical issues of security and economy, and their main expectations of participation in the organization include expectations of investments, preferential loans, contracts by SCO partners and concerted actions aimed at supporting stability of the region. Current trends in the development of SCO cooperation in the world economy have been identified in the paper.
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