PECULIARITIES OF FORMATION OF THE STRATEGY OF THE STATE POLICY OF SOCIO-ECONOMIC GROWTH AT THE CURRENT STAGE OF COVID-19 PANDEMIC CHALLENGES

Abstract

The article states that the state policy of economic activity growth is crucial at this stage and that growth is likely to remain the main factor determining the prospects for sustainable development. Many countries have lagged behind the shock of the COVID-19 pandemic, which has led to global inequality and, in turn, likely inequality of opportunity. As signs of rapid recovery from COVID-19 continue to materialize, global inequality will intensify. It is substantiated that there is a threat of undermining the potential output in the medium term, postponing and canceling investment plans, which will inevitably undermine the medium-term potential for growth, bankruptcy, job losses and related loss of opportunities, which can permanently erode and the ongoing restructuring of value chains, which can affect the competitiveness of industries that are critical to many nations. It has been shown that it is useful to consider the medium-term deviations of different countries from their long-term growth trends as accelerating and collapsing as recovery is crucial in the context of the long-term perspective on the 2030 sustainable development agenda. Socio-economic growth is the main potential factor for sustainable development, the nature of this growth plays a major role in obtaining various economic results. It has been found that the accumulation of capital is very important, even in the light of recent technological waves and opportunities to jump over technological systems, as well as the emergence of digitalization based on intangible elements of production potential. Although these factors will play a growing role in the future, their use requires the necessary staff, proper infrastructure, as well as production capacity and end-use capital, without which the involvement of advanced production technologies remains illusory.