The Role of International Organizations in Regulating the World Economy

Volume 74 , Issue 4, 2024
Pages: 105-111
Open Access

^¹, ^², ^³, ^⁴, ^⁵

¹Doctor of Law, Associate Professor, Interregional Academy of Personnel Management, Kyiv, Ukraine.

²PhD in Economics, Associate Professor, Lecturer, Department of Economics and International Economic Relations, Educational and Research Institute of Economics, Management, Law and Information Technologies, Poltava State Agrarian University, Poltava, Ukraine.

³Postgraduate Student of the First Year of Study, Specialty “Economics”, State University of Economics and Technology, Kryvyi Rih, Ukraine.

⁴PhD in Economics, Associate Professor, Head of the Department of Marketing, Faculty of Economics, Business and International Relations, University of Customs and Finance, Dnipro, Ukraine.

⁵PhD in Economics, Lecturer, Department of Management and Administration, Cathedra of Finance, Accounting and Taxation, A Separate Structural Unit of the “Khmelnytskyi Trade and Economics College of the State Trade and Economics University”, Khmelnytskyi, Ukraine.

Published: 31/07/2024

Abstract

The question of the role of international organizations in regulating the world economy is an important element of ensuring global stability and sustainable development. The research focuses on the analysis of the mechanisms of influence of organizations on macroeconomic indicators, trade, financial markets, formation of international standards and norms. The purpose of the research is to determine the effectiveness of international organizations in the conditions of modern global economic challenges, to assess their role in promoting economic integration and development. The study emphasizes the importance of innovative approaches and digitalization in the activities of organizations to the changing conditions of the global economic environment. Special attention is paid to the analysis of problems and challenges faced by international organizations in ensuring economic stability and development due to geopolitical conflicts, climate change and cyber security. The results of the study indicate the need to strengthen international cooperation and develop global strategies for responding to modern challenges. The article discusses the main recommendations for optimizing the activities of international organizations in order to increase their impact on the global economy and promote sustainable development. The prospects for the development of international economic institutions are characterized, and the methods for strengthening their role in the formation of a stable world economic order are outlined.

Keywords: digital economy, financial stability, global inflation, international trade, labor market, regional systems, world economy

1. Introduction

In today’s world, globalization is becoming a leading characteristic of economic, political and social relations. Therefore, the role of international organizations in shaping the world economy is gaining unprecedented importance. Their influence extends far beyond the traditional functions of regulating and facilitating international trade, covering aspects related to the stabilization of financial markets, the fight against climate change, the support of sustainable development and the provision of international security. The influence of organizations on the formation of macroeconomic policies of countries, regulation of international financial flows and promotion of business internationalization is decisive. Due to the rapid development of technologies and the growth of international competition, international organizations are adapting to new challenges, developing innovative approaches to global governance and forming new formats of cooperation between states and the private sector.

The issues of legal regulation of the jurisdiction of international organizations in economic processes require an understanding of the legal order, as it is the basis for effective international cooperation. International organizations play an important role in the creation and implementation of normative acts that regulate interstate relations, including in the field of economy, health care, education, and environmental protection. Of particular importance is the development of international law, which is aimed at unifying and harmonizing the laws of countries with the aim of simplifying international trade, investments and ensuring the protection of human rights [1]. The modern work of international organizations in the field of legal regulation requires deep expertise, the ability to conduct negotiations and reach consensus between states with different legal systems and interests for the stabilization of the world economy.

The strengthening of digitalization in the corporate sector and the need to implement relevant measures have become important factors in the functioning of the business environment. Digital transformation opens up new opportunities for enterprises, contributing to the optimization of processes, improvement of production, expansion of sales markets and improvement of interaction with customers. The rapid development of digital technologies poses new challenges related to cyber security, data protection and intellectual property, which requires the intervention of leading organizations in order to regulate and ensure international cooperation. International organizations are actively working on the development of standards and recommendations aimed at promoting the safe and responsible use of digital technologies. An appropriate approach involves working with governments, the private sector and civil society to create effective mechanisms to protect digital infrastructure, stimulate innovation and support digital development in less developed countries.

2. Literature Review

The role of international organizations in regulating the world economy is the subject of deep analysis in the scientific community, which considers a wide range of their effects from macroeconomic stability to the promotion of global development. The author [2] studies the impact of the International Monetary Fund and the World Bank on the financial stability of member countries, emphasizing their role in providing financial support and technical assistance during periods of economic crises. The study [3] analyzes the contribution of the World Trade Organization to the liberalization of international trade and the establishment of generally accepted rules of trade, which contributes to increasing the transparency and predictability of international economic relations. The article [4] explores how global economic institutions impact the growth of emerging nations through initiatives in education, healthcare, and financial restructuring.. A scientific study [5] emphasizes the role of international organizations in combating global environmental problems through the development of international agreements and the promotion of sustainable development policies. The author [6] draws attention to the complexities and challenges associated with the regulation of the international digital economy, analyzing the initiatives of international organizations in this direction. The publication [7] examines the importance of international standards in the regulation of financial markets, focusing on the role of international financial institutions in preventing international financial crises. Research [8] points to the need for global cooperation and knowledge sharing between countries to develop effective strategies for international regulation. According to [9], the world economy is in search of innovative approaches to solving transnational problems. The scientist [10] describes the dynamics of interaction between international organizations and transnational corporations using global management methods, highlighting the issues of ensuring corporate responsibility and sustainable development. The study [11] emphasizes the importance of creating new mechanisms of international cooperation, solving global challenges and promoting sustainable development at the global level. Scientific work [12] reveals the strategies of international organizations to support economic stability in emerging countries through investments in critical sectors of the economy. A study [13] highlights the importance of a balance between the provision of direct financial support and the development of long-term institutional capacity building programmes. The article [14] demonstrates how innovation promotes efficiency in the implementation of global projects in the areas of data collection, monitoring and evaluation of economic trends. The work [15] focuses on the analysis of the impact of international financial regulators on the global financial architecture, revealing regulatory initiatives, aimed at preventing financial crises and strengthening the international financial system. The research of the scientist [16] highlights the challenges and problems faced by international organizations in the context of growing globalization and political conflicts. The author [17] analyzes the scenarios of interaction of organizations with transnational corporations, issues of digitalization and cyber security. The article [18] examines in detail the mechanisms of international organizations in solving transboundary environmental problems and promoting green development, emphasizing the need to integrate environmental standards into global economic policy. Thus, the authors call for the strengthening of international cooperation, the development of new project financing models that contribute to sustainable development, and the strengthening of mechanisms for monitoring the implementation of international agreements. In the scientific literature, there is a trend of the importance of the integration of digital technologies to improve the efficiency of the activities of international organizations and expand the opportunities for a range of interested parties in the process of global management of the world economy.

A. Research goals

The purpose of the study is to analyze the role of international organizations in regulating the world economy, their impact on international trade, financial stability and promoting the sustainable development of countries. The research issues are focused on determining the effectiveness of the mechanisms of influence of international organizations on global economic processes and identifying the challenges they face in their activities. The article focuses on the issue of forecasting world GDP, inflation, including factors of geopolitical and economic conflicts, accelerating the development of the digital economy. The main task of the research is to identify and analyze the strategies used to solve socio-economic problems, their practical effectiveness in promoting economic integration and solving global economic challenges. The practical value of the research lies in the development of recommendations for optimizing the work of international organizations, which will contribute to increasing their influence on the stabilization of the global economy.

3. Materials and Methods

The research methodology is based on a systematic approach to the analysis of global economic trends, the use of forecasted and analytical data that were structured to forecast the dynamics of the world economy. The basis of the methodology is the collection of data from statistical reports of international financial institutions, analytical materials of well-known economic research centers, and estimates from leading economists. Data interpretation made it possible to determine the projected level of GDP of the world economy, identify factors affecting economic growth and outline the role of international organizations in the current process. Detailed analysis of projected data, generalization of trends and comparative analysis with historical data made it possible to form a well-founded vision of the future prospects of the world economy, taking into account potential risks and opportunities that may affect global economic markets. The functions and activities of international organizations were characterized in detail, using the method of qualitative analysis to describe their functions and opportunities to influence international economic processes. The application of the appropriate approach made it possible to reveal the mechanisms of interaction of international organizations with national governments, the private sector, and international institutions. The article defines their role in the formation of global economic policies, trade regulation, financial intermediation, maintaining stability and stimulating economic growth. The methodology is based on the study of activity reports, political declarations and public theses of their representatives regarding activity in regulating the world economy. To determine the factors of influence on the world economy, the problems of geopolitical conflicts, the study of inflation growth and the deterrence potential of international organizations are taken into account [19]. The combined approach made it possible to include statistical indicators, analytical reports and expert assessments to form an understanding of the mechanisms of interaction between geopolitical processes and economic development. The use of systemic analysis made it possible to identify cause-and-effect relationships between geopolitical instability, actions of international organizations and changes in the global economy. The proposed methodology provided an analysis of the role of international organizations in world geopolitics and the global economic situation in order to minimize economic risks.

4. Results

The development of the world economy is a complex and multifaceted process that encompasses a wide range of factors, from international trade to investment and technological innovation. The formation of the global economy began with the intensification of international trade and the expansion of economic ties between countries, which contributed to the mutual dependence of national economies. The main components of the world economy are international trade in goods and services, foreign direct investment, international financial flows and the global labor market. Technological progress and innovation are factors in ensuring the productivity and efficiency of business processes, allowing companies and countries to interact more effectively. The integration of markets caused increased competition, the need for regulation and coordination at the international level, which led to the emergence of international economic organizations.

Market competition between multinational corporations has intensified with the development of globalization and the growth of electronic commerce, which have changed traditional approaches to doing business [20]. Transnational corporations have production and sales markets in different countries, have been given the opportunity to optimize production chains, reduce costs and increase market share by using the advantages of globalization. E-commerce has become a driver of retail growth in recent years, opening up potential for small and medium-sized businesses, providing consumers with a wider choice of goods and services. The shift towards digitalization and the proliferation of online platforms have greatly lowered the obstacles to entering markets while amplifying competitive pressures, compelling businesses to adjust to evolving market dynamics. This change in the global economy’s operational processes has markedly influenced the performance and effectiveness of international bodies.

The world economy is facing a gradual slowdown in economic development due to a number of international conflicts, political instability in key economic regions and protectionist trends in trade. Risk factors lead to uncertainty in global markets, an increase in the cost of cross-border trade transactions and a decrease in investment activity. Trade wars between major economies, restrictions on the export and import of critical resources, and sanctions regimes have significantly slowed down global economic growth. The relevant events encourage countries and international organizations to find ways to minimize the impact of these challenges through diplomacy, trade agreements and cooperation within the framework of international economic forums. The general trend of the world economy is downward, which is shown in graph 1.

Figure 1: Forecast growth of the real gross domestic product (GDP) worldwide from 2020 to 2025, by economic group [21]

The growing role of world organizations in regulating the global economy reflects a wide range of challenges and opportunities facing the international community in the 21st century. Key global institutions play a critical role in maintaining economic stability, fostering development, and overseeing trade regulations worldwide. Their functions range from providing financial support and technical assistance to emerging countries to developing policy frameworks for trade and investment. The efforts of organizations are aimed at solving global problems of fighting poverty, inequality and protecting commodity markets [22,23]. Coordinating efforts among various nations aids in the creation and adoption of universal standards and norms, shaping the framework of the international economy.

The issue of legal regulation of international trade is one of the key areas of responsibility of international organizations, in particular the World Trade Organization. In today’s world, with economic borders becoming increasingly transparent and trade crossing international borders at an unprecedented rate, the need to create and enforce commonly accepted rules is critical. International organizations are taking on the role of mediators and regulators, developing comprehensive legal frameworks that define tariff standards and the limits of trade barriers, intellectual property rights and environmental regulations. Current legal frameworks are designed to encourage equitable competition and safeguard consumer interests, while also settling disputes between nations justly and efficiently [24,25]. The evolving global economy and the constant shifts in trade relationships present organizations with the difficult task of adapting and updating the legal framework in accordance with the needs of market leaders.

Protectionism and trade liberalization represent two opposing approaches to international trade policy, each of which has its supporters and critics among international organizations. Protectionism protects domestic markets from foreign competition through tariffs, quotas, and other trade barriers, which may be aimed at protecting young or vulnerable sectors of a country’s economy. Trade liberalization seeks to lower barriers by facilitating the free movement of goods, services and capital between countries, leading to increased efficiency and increased economic well-being at the global level. International organizations play a key role in finding a balance between both strategies, leading to the formulation and enactment of international agreements that consider the needs of both developed and developing nations. They act as forums for negotiations in which countries can discuss and resolve their trade differences, develop joint strategies to promote global trade. The main functions of international organizations in regulating the world economy are depicted in Table 1.

Table 1: Functions of international organizations in regulating the world economy
Organization	Role in the world economy	Functions
World Bank (WB)	Financing development and providing technical assistance to countries to overcome poverty.	Loans, grants, political consulting, development research.
International Monetary Fund (IMF)	Ensuring the stability of exchange rates and international payments.	Offering financial assistance to nations experiencing balance of payments issues, engaging in political consultations, and overseeing the worldwide economic landscape.
World Trade Organization (WTO)	Regulation of international trade, resolution of trade disputes, promotion of free trade.	Negotiations on trade agreements, monitoring of national trade policies, promotion of trade development.
Organization for Economic Cooperation and Development (OECD)	Implementing strategies designed to enhance economic expansion and living standards in member states.	Research on economic trends, publication of statistics, policy recommendations.
Group of Twenty (G20)	Promoting international financial stability and solving key problems of the world economy.	Harmonizing policies among the world’s leading economies, arranging summits, and crafting worldwide initiatives.
International Chamber of Commerce (ICC)	Promotion of international trade and investment, and promotion of an open market economic order.	Development of rules that facilitate international trade, arbitration and other forms of dispute resolution.
United Nations Development Program (UNDP)	Contributing to the fight against poverty, inequality and unemployment.	Development projects aimed at improving living conditions, supporting the goals of sustainable development.
International Labor Organization (ILO)	Promoting social justice and internationally recognized labor rights and standards.	Development of international labor standards, provision of technical assistance to countries to improve working conditions.

Shifts in commodity markets stand as a fundamental aspect of the contemporary global economy, impacting all entities involved in international trade. The advent of innovative technologies, shifts in consumer tastes, and the globalization of production networks have resulted in the introduction of new product types and a broader trade geography. Nations with emerging economies are increasingly taking on roles as exporters of raw materials and manufacturers of high-value-added products, altering traditional trade patterns and power dynamics in global markets. International organizations take part in regulatory regulation of commodity processes, ensuring the development of international standards and rules that promote open markets and fair competition.

The increased role of investments in digital technologies and the formation of international projects with the participation of organizations is a decisive factor in modern economic development. Digital transformation is a way to increase productivity, access new markets and optimize production processes [26]. The World Bank and the International Monetary Fund actively support digital infrastructure projects in emerging countries. The Digital Africa program is funded to develop a digital economy on the continent, which includes the development of internet connectivity, support for start-ups and digital education. Relevant projects contribute to economic growth, open opportunities for international cooperation and partnership in the field of high technologies.

The increase in inflation in the period of 2022–2023 became one of the biggest economic challenges, which was caused by the global geopolitical conflict on the territory of Ukraine and tensions in Israel. Wars have caused significant disruptions in supply chains, increased energy and raw material prices, which have had an influence on the price of goods and services around the world [27]. Inflation fueled by the massive issuance of money during the COVID-19 pandemic has led to higher costs of living, reduced purchasing power and increased debt burdens on governments [28]. The response of international organizations to the respective challenges included monetary measures by central banks, support programs for the most affected economies, as well as efforts to stabilize supply chains and reduce trade barriers [29,30]. Yet, the measures taken have only been somewhat successful, given that the world economy is still adjusting to the new circumstances, and tackling inflation remains a top priority in the economic strategies of numerous nations. Figure 2 illustrates the current rate of global inflation and forecasts its potential trajectory into 2025.

Figure 2: Headline inflation %, year-on-year [31]

The growing role of international organizations in the world economy indicates the evolution of global economic relations and the necessity for cooperation between states to regulate complex economic problems. In the era of globalization, economic borders are becoming less visible, international organizations are stepping up to form rules that regulate global financial flows, investments, trade, environmental standards and labor. Their activities are aimed at creating conditions for the stable growth of the global economy, reducing poverty and promoting economic integration. Through financial assistance, technical support and political dialogue, the organizations contribute to solving global challenges by providing an effective platform for coordinating actions between different countries.

The formation of new projects and alliances in the digital space is a response to the need for innovative development and intensifying competition at the global level. Digital transformation spans the realms of blockchain and automation, opening up unprecedented opportunities to create a new generation of products, services, and business models. International organizations initiate and support international projects and partnerships aimed at reducing the digital divide, improving cyber security and promoting inclusive growth. Intensification of competition between multinational corporations and startups in the digital space requires international regulators to develop new norms and rules that would ensure fair competition, data protection and consumer rights. Consequently, the digital economy is becoming a new field for global cooperation and the world economy, where international organizations are critical in shaping international standards and supporting innovative development.

5. Discussion

During the research, it was established that international organizations play an undeniable role in stabilizing and regulating the world economy. The study [32] emphasizes the importance of innovative technologies in the activities of international organizations, as it allows implementing the potential of digitalization in global management. According to [33], there is a critical need to integrate the latest technologies to improve the effectiveness of international regulation. The obtained results confirm the opinion [] concerning the matter of geopolitical disputes and their effect on the worldwide economy. According to [36], an optimistic view of the possibilities of international organizations to adapt and influence the processes of transformation of commodity markets utilizing regulatory approaches is relevant for many researchers. The article [37] encourages further discussion about the role of international organizations in solving global economic challenges, expanding the spectrum of possible tactics and methods for impacting the global economy. The work [38] raises the question of the importance of international cooperation and exchange of experience between countries, which is reflected in the outcomes of the own research. An analysis [] regarding the role of international organizations in stimulating the economic growth of countries revealed common views with the data obtained regarding the issue of technological development due to trade wars. The hypothesis [40] complements the claims of scientists about the efficiency of global economic endeavors and highlights the significance of digital transformation and innovation in achieving long-term development goals. The scientist [41] paid special attention to the need to adapt international standards to the rapidly changing digital environment, and the need for flexible and predictable regulatory mechanisms in a global jurisdiction. The work [42] emphasizes the need for global coordination of actions and prompts reflection on the effectiveness of existing models of international interaction. Thus, the discussion among scientists points to the need to find new forms of international cooperation that would take into account modern challenges, the potential of innovative technologies, and the issues of geopolitical conflicts in the global environment.

6. Conclusion

Based on the analysis performed, it can be deduced that international organizations play a key role in regulating the world economy, ensuring the stability, transparency and efficiency of global economic processes. Through their cooperation with member states, they establish international standards and regulations that promote free trade, investment, and financial stability at the international level. Their activities cover a wide range of areas, from fighting poverty and promoting sustainable development to regulating international trade and monitoring global economic trends. Particularly significant is the contribution to the formulation and execution of international economic agreements that provide a legal basis for interstate economic relations. The activation of international organizations in the field of digitization and technological development opens new horizons for global economic integration, providing a basis for solving modern challenges.

It’s important to highlight that there are problems and global challenges in the world economy that can limit the effectiveness of international organizations. These challenges include geopolitical conflicts, international financial crises, global pandemics, climate change, and issues related to inequality and access to resources. Global problems require international organizations to respond to current problems in adapting to the rapidly changing conditions of the global environment, developing flexible and innovative approaches to international regulation. The growing cyber threat and cyber security issues present international organizations with the task of strengthening information protection mechanisms and technological infrastructure, which is critical for ensuring the stability of the world economy.

The necessary measures for international organizations should cover a number of aspects of stabilization. It is important to focus on increasing the efficiency of international cooperation by strengthening institutional mechanisms and increasing the transparency of activities. It is worth developing and implementing innovative approaches to the regulation of international economic relations in the field of the digital economy, cyber security, and environmental standards. International organizations must step up their efforts to address global challenges while ensuring inclusive development and equal access to resources and technology for all countries. Activities from leading organizations are aimed at supporting emerging countries and maintaining the stability of the world economy, as their efforts become a priority to ensure balanced development at the global level.

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