Izbosarov Boburjon Bakhriddinovich
Tashkent Institute of Finance
Associate Professor of “Department of Banking”, PhD
Email:boburbekizbosarov@gmail.com, https://orcid.org/0000-0002-0763-073X
Abstract. The article describes the essence of the process of globalization of the world economy, its positive and negative aspects, and the analysis of this process in detail. The article analyzed the scientific works and educational literature of foreign scientists on the process of globalization of the world economy. As a research methodology, methods such as theoretical analysis and observation were used. Given the growing uncertainty over future changes in foreign economic conditions, an increase in the likelihood of a global recession, and the fact that expectations on them are being formed in different directions, as well as fluctuations in domestic economic conditions, medium-term macroeconomic forecasts were developed according to two different scenarios
In determining the conditions of the scenarios, various changes in the trends in the world economy, expectations regarding global inflationary processes, differences in the geopolitical situation and forecasts in raw materials markets were determined as the main criteria. Taking into account conditions such as the continuation of macroeconomic development within the framework of current trends, the fact that the negative effects of the external situation on the economy of our country will not be higher than the current state, and the continuation and logical completion of the structural reforms that have begun, the main (basic) scenario, an alternative (dangerous) scenario, which assumes the increase of external risks and the occurrence of global crisis processes, was formed. It is analyzed that the formation of regulated prices will be gradually adapted to market mechanisms, fiscal consolidation will begin, the competitive environment will improve due to the reduction of the state role in the economy and the continuation of the specified structural reforms, and the volume of private foreign investments will grow at a high rate. One of the main problems of globalization in the process of scientific research is the possibility of global instability due to the interdependence of national economies on a global scale. As a result, it was found that economic changes or crises that occurred in a certain country can affect the entire region or the world.
Key words. globalization, world economy, transnational corporations, global oligopoly, international distribution of labor and specialization, internationalization, unemployment, financial stabilization, crisis, integration, international organizations, risks and opportunities.