Challenges of implementing the EU’s economic initiatives for the Global South

Abstract

The topic of the study related to the implementation of economic initiatives is relevant, as the countries of the Global South have developing economies and exciting potential for growth and cooperation. Their economic strengthening could have an impact on the geopolitical picture of the world. The European Union, as one of the largest economic blocs in the world, has interests in supporting and cooperating with these countries to ensure stability and growth. The purpose of this study was to analyse and highlight the importance, complexities, and prospects of implementing economic initiatives that the European Union is implementing in the countries of the Global South. Among the methods used were analytical, statistical, functional methods, as well as methods of system analysis, deduction, synthesis, and comparison. The study highlighted the importance of the European Union’s economic initiatives for the Global South, the significance of cooperation between these regions and the benefits for both sides. The study analysed the main challenges faced by the economic initiatives of the European Union in the context of the Global South, namely, political, economic, social, and cultural factors that complicate the implementation of these initiatives. Potential opportunities for the development of the countries of the Global South as a result of the EU’s economic initiatives have been explored, namely opportunities to attract foreign investment, support economic growth and reduce poverty in these countries. Based on the analysis, particular recommendations were made to improve the implementation of the European Union’s economic initiatives for the countries of the Global South. The practical value lies in the use of the identified results, solving issues related to the implementation of initiatives to bring this process to a new level