Archive Issue
International Interdisciplinary Scientific Journal "Expert"
Volume 1, Issue 2
(December 2023 – January 2024)
Language of the original article: English
ABSTRACT. The essence of balanced economic development lies in ensuring sustainable growth that harmonizes environmental, social, and economic objectives. This article delves into the foundational principles that underpin balanced economic development, emphasizing the integration of sustainability into economic planning and policy-making. Through a comprehensive analysis of recent studies and methodologies, it identifies gaps in current approaches and suggests a framework for achieving economic balance. Additionally, it examines the impact of economic crises and the direct relationship between crisis phenomena and balanced economic development. The significance of this research lies in its potential to inform policy directions that foster an equitable, sustainable, and prosperous future for all stakeholders, while also addressing the resilience of economic systems in the face of crises. The proposed framework not only aims to mitigate the adverse effects of economic downturns but also to leverage these challenges as opportunities for fostering sustainable and balanced growth.
Keywords: balanced economic development, sustainability economic planning, policy-making, sustainable growth, economic crises, resilience.
2. Mykhaylova, Y. (2021). THE IMPACT OF ECONOMIC CRISIS ON THE EDUCATION SPHERE. Economic Scope, (171), 37-41. DOI 10.32782/2224-6282/171-6
3. Nguyen, T., Castro, V., & Wood, J. (2021). Financial Crises and Human Development. International Political Economy: Investment & Finance eJournal. DOI 10.2139/ssrn.3802418
4. Asteriou, D., & Spanos, K. (2019). The relationship between financial development and economic growth during the recent crisis: Evidence from the EU. Finance Research Letters. DOI 10.1016/J.FRL.2018.05.011
5. Rai, S., Rai, S., & Singh, N. (2021). Organizational resilience and social-economic sustainability: COVID-19 perspective. Environment, Development and Sustainability, 23, 12006 - 12023. DOI 10.1007/s10668-020-01154-6
6. Kacicka, G., & Namliiev, Y. (2023). CRISIS PHENOMENA AS THE BASIS FOR THE EMERGENCE OF DESTABILIZING PROCESSES IN THE ECONOMY: THE RELEVANCE OF THEORIES AND DEVELOPMENT OF CRISISOLOGY RESEARCH. Kyiv Economic Scientific Journal, (1), 103-116. DOI 10.32782/2786-765X/2023-1-13
7. Namliiev, Y., & Kacicka, G. (2023). CRISIS RESEARCH FOUNDATIONS IN THE TRANSFORMING WORLD ECONOMY: A THEORETICAL PERSPECTIVE. Kyiv Economic Scientific Journal, (3), 101-107. DOI 10.32782/2786-765X/2023-3-15
8. Namliiev, Y & Kacicka, G. (2022). TOPICAL PROBLEMS OF REGULATING THE ECONOMIC ACTIVITY OF ENTERPRISES AND DEVELOPING A SYSTEM OF ANTICRISIS MANAGEMENT IN MARKET CONDITIONS, New Knowledge Journal of Science, Vol. 11 No. 4, pp. 5-12. Available at: https://science.uard.bg/index.php/newknowledge/article/view/940/pdf_379
9. Iborra, M., Safón, V., & Dolz, C. (2020). What explains the resilience of SMEs? Ambidexterity capability and strategic consistency. Long Range Planning, 53, 101947. DOI 10.1016/j.lrp.2019.101947
10. Tolner, F., Eigner, G., & Barta, B. (2021). Resilience Interpretations of Small and Medium-sized Enterprises and its Analytical Approaches - Literature Review. 2021 IEEE 19th World Symposium on Applied Machine Intelligence and Informatics (SAMI), 000495-000500. DOI 10.1109/SAMI50585.2021.9378637
11. Aldianto, L., Anggadwita, G., Permatasari, A., Mirzanti, I., & Williamson, I. (2021). Toward a Business Resilience Framework for Startups. Sustainability. DOI 10.3390/SU13063132
12. Purnomo, B., Adiguna, R., Widodo, W., Suyatna, H., & Nusantoro, B. (2021). Entrepreneurial resilience during the Covid-19 pandemic: navigating survival, continuity and growth. Journal of Entrepreneurship in Emerging Economies. DOI 10.1108/JEEE-07-2020-0270
13. Wziątek-Kubiak, A., & Pęczkowski, M. (2021). Strengthening the Innovation Resilience of Polish Manufacturing Firms in Unstable Environments. Journal of the Knowledge Economy, 12, 716 – 739. DOI 10.1007/s13132-021-00725-w
14. Suwandana, I., Yuliarmi, N., Yasa, I., & Purwanti, P. (2022). Can Online Commerce Help SME Owners in the Wood Industry Weather the COVID-19 Crisis?. JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES. DOI 10.47191/jefms/v5-i11-29
15. Pochet, P. (2022). From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU). Transfer: European Review of Labour and Research, 28, 119 - 133. DOI 10.1177/10242589221084582
16. Ladi, S., & Tsarouhas, D. (2020). EU economic governance and Covid-19: policy learning and windows of opportunity. Journal of European Integration, 42, 1041 - 1056. DOI 10.1080/07036337.2020.1852231
17. Namliiev, Y., & Kacicka, G. (2023). FEATURES OF THE FUNCTIONING OF THE BUSINESS SECTOR IN THE CONDITIONS OF THE FINANCIAL AND ECONOMIC CRISIS AND THE FORMATION OF THE ANTI-CRISIS MANAGEMENT MECHANISM. Kyiv Economic Scientific Journal, (2), 26-33. DOI 10.32782/2786-765X/2023-2-4
ABSTRACT. The essence of balanced economic development lies in ensuring sustainable growth that harmonizes environmental, social, and economic objectives. This article delves into the foundational principles that underpin balanced economic development, emphasizing the integration of sustainability into economic planning and policy-making. Through a comprehensive analysis of recent studies and methodologies, it identifies gaps in current approaches and suggests a framework for achieving economic balance. Additionally, it examines the impact of economic crises and the direct relationship between crisis phenomena and balanced economic development. The significance of this research lies in its potential to inform policy directions that foster an equitable, sustainable, and prosperous future for all stakeholders, while also addressing the resilience of economic systems in the face of crises. The proposed framework not only aims to mitigate the adverse effects of economic downturns but also to leverage these challenges as opportunities for fostering sustainable and balanced growth.
Keywords: balanced economic development, sustainability economic planning, policy-making, sustainable growth, economic crises, resilience.
References
1. Iacovone, L., Ferro, E., Pereira-López, M., & Zavacka, V. (2019). Banking crises and exports: Lessons from the past. Journal of Development Economics. DOI 10.1016/J.JDEVECO.2018.12.0052. Mykhaylova, Y. (2021). THE IMPACT OF ECONOMIC CRISIS ON THE EDUCATION SPHERE. Economic Scope, (171), 37-41. DOI 10.32782/2224-6282/171-6
3. Nguyen, T., Castro, V., & Wood, J. (2021). Financial Crises and Human Development. International Political Economy: Investment & Finance eJournal. DOI 10.2139/ssrn.3802418
4. Asteriou, D., & Spanos, K. (2019). The relationship between financial development and economic growth during the recent crisis: Evidence from the EU. Finance Research Letters. DOI 10.1016/J.FRL.2018.05.011
5. Rai, S., Rai, S., & Singh, N. (2021). Organizational resilience and social-economic sustainability: COVID-19 perspective. Environment, Development and Sustainability, 23, 12006 - 12023. DOI 10.1007/s10668-020-01154-6
6. Kacicka, G., & Namliiev, Y. (2023). CRISIS PHENOMENA AS THE BASIS FOR THE EMERGENCE OF DESTABILIZING PROCESSES IN THE ECONOMY: THE RELEVANCE OF THEORIES AND DEVELOPMENT OF CRISISOLOGY RESEARCH. Kyiv Economic Scientific Journal, (1), 103-116. DOI 10.32782/2786-765X/2023-1-13
7. Namliiev, Y., & Kacicka, G. (2023). CRISIS RESEARCH FOUNDATIONS IN THE TRANSFORMING WORLD ECONOMY: A THEORETICAL PERSPECTIVE. Kyiv Economic Scientific Journal, (3), 101-107. DOI 10.32782/2786-765X/2023-3-15
8. Namliiev, Y & Kacicka, G. (2022). TOPICAL PROBLEMS OF REGULATING THE ECONOMIC ACTIVITY OF ENTERPRISES AND DEVELOPING A SYSTEM OF ANTICRISIS MANAGEMENT IN MARKET CONDITIONS, New Knowledge Journal of Science, Vol. 11 No. 4, pp. 5-12. Available at: https://science.uard.bg/index.php/newknowledge/article/view/940/pdf_379
9. Iborra, M., Safón, V., & Dolz, C. (2020). What explains the resilience of SMEs? Ambidexterity capability and strategic consistency. Long Range Planning, 53, 101947. DOI 10.1016/j.lrp.2019.101947
10. Tolner, F., Eigner, G., & Barta, B. (2021). Resilience Interpretations of Small and Medium-sized Enterprises and its Analytical Approaches - Literature Review. 2021 IEEE 19th World Symposium on Applied Machine Intelligence and Informatics (SAMI), 000495-000500. DOI 10.1109/SAMI50585.2021.9378637
11. Aldianto, L., Anggadwita, G., Permatasari, A., Mirzanti, I., & Williamson, I. (2021). Toward a Business Resilience Framework for Startups. Sustainability. DOI 10.3390/SU13063132
12. Purnomo, B., Adiguna, R., Widodo, W., Suyatna, H., & Nusantoro, B. (2021). Entrepreneurial resilience during the Covid-19 pandemic: navigating survival, continuity and growth. Journal of Entrepreneurship in Emerging Economies. DOI 10.1108/JEEE-07-2020-0270
13. Wziątek-Kubiak, A., & Pęczkowski, M. (2021). Strengthening the Innovation Resilience of Polish Manufacturing Firms in Unstable Environments. Journal of the Knowledge Economy, 12, 716 – 739. DOI 10.1007/s13132-021-00725-w
14. Suwandana, I., Yuliarmi, N., Yasa, I., & Purwanti, P. (2022). Can Online Commerce Help SME Owners in the Wood Industry Weather the COVID-19 Crisis?. JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES. DOI 10.47191/jefms/v5-i11-29
15. Pochet, P. (2022). From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU). Transfer: European Review of Labour and Research, 28, 119 - 133. DOI 10.1177/10242589221084582
16. Ladi, S., & Tsarouhas, D. (2020). EU economic governance and Covid-19: policy learning and windows of opportunity. Journal of European Integration, 42, 1041 - 1056. DOI 10.1080/07036337.2020.1852231
17. Namliiev, Y., & Kacicka, G. (2023). FEATURES OF THE FUNCTIONING OF THE BUSINESS SECTOR IN THE CONDITIONS OF THE FINANCIAL AND ECONOMIC CRISIS AND THE FORMATION OF THE ANTI-CRISIS MANAGEMENT MECHANISM. Kyiv Economic Scientific Journal, (2), 26-33. DOI 10.32782/2786-765X/2023-2-4
© 2024 The Author(s)
This work is licensed under the Creative Commons Attribution 4.0 International (CC BY 4.0).
Zainchkovskiy, A., Shapran, O. & Kopec, A. (2024). FUNDAMENTAL PRINCIPLES OF BALANCED ECONOMIC DEVELOPMENT: THEORETICAL ASPECT. International Interdisciplinary Scientific Journal "Expert", 1(2), 5-16. https://doi.org/10.62034/2815-5300/2024-v1-i2-001
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