Circular economies opportunities and challenges (On the basis of Business Media Network LLC)

Abstract

The need to modernize the existing traditional linear economic system is an acute new challenge to the world order. The purpose of this empirical study is to examine the circular economy as a new stage in the development of the concept of sustainable development and the green economy in particular, as it allows economic growth to exist simultaneously with environmental restoration and care. The paper examines and analyzes the evolution of the concept from the first theoretical foundations to a comprehensive sector of the economy with a wide range of services, and also explores the existing presence of implementation of aspects of this system in the world. The case study focuses on an investment startup that aims to provide working capital to small and medium-sized businesses in Ukraine. The data was collected through observations, surveys, and document analysis. The results of the study show that it is possible to meet the needs of the growing global population, as well as economic growth with increased incomes, through the circular economy. The study highlights the benefits of applying circular economy concepts that can improve business entry, create huge opportunities for modernizing production, and introduce industrial innovations, ensuring annual GDP growth.