Regional economic integration under the conditions of globalization (the case of the Eurasian Economic Union (EAEU))

The process of globalization has significant influence on the national economies. Globalization brings new possibilities as well as new challenges for all actors of the world economy, while the developing supranational associations conduct a more sophisticated economic, social and structural policy, which allows both to offset the negative effects of globalization, and to improve the competitiveness of its members. The emergence of new international economic integration organizations predetermines the need to rethink the patterns of developing the models of international integration processes, especially in the context of their influence on the economies of member states under the conditions of globalization. The modern economics is not yet able to determine the full effect of the integration processes for member states. The analysis of the globalization’s indices dynamics (the KOF Index of Globalization, the DHL Global Connectedness Index (GCI)) as the indicators of countries’ engagement into global economic processes, shows the low level of regional economic integration and the mismatch of economic cycles and payment balance that impose serious constraints to their further development. Economic studies show that the EAEU members do not receive economic benefits from international integration due to many reasons, including the economic and political instability in member states that creates barriers for future prosperity of the EAEU. Using the results of practical research into regional integration problems, the authors analyze the ways to improve the situation and propose their own solutions for the identified problems. Thus, the aim of our paper is to describe the methodology for estimating the influence of regional integration on the national economies’s development under the conditions of globalization (the case of the Eurasian Economic Union (EAEU)); to present current economic situation of countries and to show consequences of their involvement in integration processes for socio-economic development.