Financial, economic and sustainable development of states within the conditions of industry 4.0

The article assesses the achievements of sustainable development by EU countries within the conditions of Industry 4.0. It has been determined that the concept of sustainable development achievement is integrated into the development of the technological sector. Achievements of sustainable development do not outpace the rapid development of Industry 4.0. More technologically advanced countries provide higher level of economic growth and prosperity.
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Financial, economic and sustainable development of states within the conditions of industry 4.0 International Journal of Management (IJM) Volume 11, Issue 4, April 2020, pp. 406-413, Article ID: IJM_11_04_040 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=4 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication Scopus Indexed FINANCIAL, ECONOMIC AND SUSTAINABLE DEVELOPMENT OF STATES WITHIN THE CONDITIONS OF INDUSTRY 4.0 Vitalii Bashtannyk Department of Law and European Integration, Dnipropetrovsk Regional Institute for Public Administration of the National Academy for Public Administration under the President of Ukraine, Dnipro, Ukraine Zoriana Buryk Department of Management and Business Administration, Institute of Graduate Studies and Preuniversity Education, Vasyl Stefanyk Precarpathian National University, Lviv, Ukraine Marianna Kokhan Department of Management, Faculty of Economics, Ivan Franko National University of Lviv, Lviv, Ukraine Tetiana Vlasenko Department of Production and investment management, Faculty of Agricultural Management, National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine Vitaliia Skryl Department of Finance, Banking and Taxation, The Educational and Research Institute of Finance, Economy and Management, National University 'Yuri Kondratyuk Poltava Polytechnic', Poltava, Ukraine ABSTRACT The article assesses the achievements of sustainable development by EU countries within the conditions of Industry 4.0. It has been determined that the concept of sustainable development achievement is integrated into the development of the technological sector. Achievements of sustainable development do not outpace the rapid development of Industry 4.0. More technologically advanced countries provide higher level of economic growth and prosperity. The growth rate of Greenhouse gas emissions (in CO2 equivalent) in 1990 base year, is rising in advanced countries; herewith, such rate is slowing down in less developed countries. Employment growth in the high-tech and medium-tech sectors of EU countries corresponds to the worst environmental situation. Despite measures to overcome the problems of sustainable development in http://www.iaeme.com/IJM/index.asp 406 editor@iaeme.com Vitalii Bashtannyk, Zoriana Buryk, Marianna Kokhan, Tetiana Vlasenko and Vitaliia Skryl the environmental sphere, in particular, concerning increase volume of financing for activities related to climate change, most EU countries do not ensure an increase in the share of renewable energy in final energy consumption. There are significant differences between countries in terms of environmental taxation: higher level of taxation corresponds to a higher level of expenditure on research and development in a number of countries; there is no such interconnection in the other countries. Keywords: Sustainable development, Industry 4.0, Inequality, Ecosystem. Cite this Article: Vitalii Bashtannyk, Zoriana Buryk, Marianna Kokhan, Tetiana Vlasenko and Vitaliia Skryl, Financial, economic and sustainable development of states within the conditions of Industry 4.0, International Journal of Management, 11 (4), 2020, pp. 406-413. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=4 1. INTRODUCTION Industry 4.0 has led to a change in socio-economic and environmental systems. The role of a key factor in the new economy is based on human capital assets. This brings about aggravation of social and environmental problems in the absence of appropriate measures based on partnership and interaction of the state, business and society. The intensification of social, cultural, ethnic and other conflicts between countries takes place; it reinforces inequality. On the one hand, developing countries experience accelerated economic growth, on the other hand, the development of Industry 4.0 has led to an increase in the labour remuneration of the industrial and technological sectors, heightening inequality between social groups. The structure of the economy is transforming: there is an increase in the share of the creative economy, the knowledge-based economy, the share of services, while the share of agriculture has declined; an upward trend in the development of organic production is observed. Another problem of Industry 4.0 centers around massiveness of environmental problems on a global scale, climate change due to global warming, and chaotic environmental measures in the sphere of ecology. Different level of socio-economic development neither provides a solution to environmental problems nor aligns countries in terms of environmental development. At the same time, the state of the environment is better in the least developed countries to compare with advanced countries due to the lower level of industrialization. The specified problems determine the study relevance of the achievements of the sustainable development of states within the conditions of Industry 4.0. The current basic task is to assess the achievements of the sustainable development policy, which should be based on the concepts of partnership management, digital management, intersectoral interaction of all participants of the socio-economic system, which affect the economic, social, environmental and management processes in countries. Assessment of sustainable development gains particular relevance. 2. LITERATURE ...