International economic risks are a group of risks that characterize the external impact on public administration through macroeconomic factors.
Such as a reduction in external investment, imposing sanctions and responding to them, external debt build-up, change world market structures and others.
These risks have an impact on how the entire internal structure of the elements the system under study, as well as the associated risks and factors of their occurrence.
International economic risks are divided into:
- the risk of a decrease in the value of the national currency;
- risk of imposing/lifting sanctions and responding to them;
- risk of non-compliance with international economic obligations;
- risk of reduction of external investments;
- risk of dumping policies from other countries;
- risk of changes in macroeconomic interest rates;
- risk of increased external debt;
- risk of reduction of import and export operations;
- risks of changing the structure of the world market;
- other risks related to macroeconomic factors.
Indicators of identification of this risk group are:
- number of international prisoners agreements, treaties, unions;
- the amount of foreign investment attracted;
- tax burden level;
- level of implementation of R & D results;
- external debt;
- volumes of import and export operations;
- and other macroeconomic indicators.
Ways to evaluate international economic risks:
- analysis of the system of national accounts; monitoring the implementation of existing economic agreements;
- economic and scientific and technical control over the activities of counterparty countries;
- the creation of various predictive scenarios and intercountry relations programmes;
- balance of payments;
- calculation of foreign trade balances;
- use of updatable systems planning, forecasting, budgeting and monitoring;
- other modern means of monitoring the country's economic situation.
Methods of managing international economic risks:
- the development of intercountry economic agreements;
- negotiating opponents with countries;
- establishment of various reserve funds;
- creating an enabling environment for attracting foreign capital;
- establishment of specialized monitoring centres;
- the development of appropriate insurance programmes;
- strengthening the country's economic image;
- maintaining proper domestic economic policies;
- maintenance and implementation of R & D projects;
- balance of payments;
- search and application of modern methods of strategic planning, forecasting and monitoring, etc.