Trajectories of economic policy in the context of new global challenges of development of the world economy

The article is devoted to analysis of mechanisms for adjusting economic policy of countries of the world under influence of new global challenges in development of the world economy, while, on the one hand, the changes observed in domestic macroeconomic policy are analysed, and, on the other hand, the emphasis is placed on implementation of opportunities for improvement of foreign economic sphere of developing countries. It is concluded that due to slowdown in global economic growth, it is necessary to identify those key policy areas that will counteract this trend as well as ensure greater debt sustainability of countries and overcome economic recession. In addition, the article defines priorities of the economic policy, taking into account unusual nature of modern inflation and its new understanding as well as new aspects of budget and monetary policy of key states and its international transmission. Besides, it has been substantiated that at present it is necessary to use other adaptation mechanisms to increase sustainability of economies of developing countries, taking into account their interconnectedness in complex configurations of development of modern world economy. Obsolescence of global financial architecture and its inconsistency with modern needs of the world economy significantly limits possibilities for structural transformation and diversification of economies of many developing countries, including the least developed countries. The new concept of multilateralism will also take into account interests of the economies of developing countries to a greater extent.