Structural and Technological Policy as a Tool to Ensure Economic Resilience

Abstract

The article is devoted to the problems of ensuring economic resilience through the implementation of structural and technological policy measures in the conditions of growing economic uncertainty and sudden shocks. The article considers the essence of economic resilience, identifies the main components that ensure this process: absorptive capacity, adaptive capacity and transformative capacity of the system. It is emphasized that in the conditions of growing economic uncertainty and intensification of catastrophe shocks it is possible to achieve resilience on the basis of structural and technological policy measures. Two main channels of structural policy that contribute to the achievement of dynamic balance and resilience of the economic system are identified: these are measures aimed at (I) increasing the flexibility of the economic system, and (II) strengthening the capacity of the economy and ensuring the stability (robustness) of its structure. It is noted that in the context of geopolitical risks and increasing regionalization of the world economy, the approaches and principles of structural policy are being transformed (the course on securitization, ensuring technological and financial sovereignty, strengthening the role of the state in the economy). At the same time, the change in the content of structural policy and strengthening of its protectionist nature allows successfully absorbing sudden shocks, but creates obstacles for accelerated economic growth in the long term. UDC: 330.342+338.2:330.35; JEL: F52, L16