Subject This article discusses the current problems of globalization of world economic relations and examines Mongolia's attitude to globalization and the prospects of its multilateral cooperation with Russia, China and Kazakhstan. Objectives The article aims to explore the theoretical aspects of the views of optimists and pessimists of globalization and identify possible risks associated with the modern economy's development. Methods For the study, involving statistics, we used content and comparative analyses, and the index method of analysis. Results Revealing the essence of globalization of world economic relations, the article tells about possible risks to national statehood and institutional contradictions in the current international law. The article shows the way Mongolia is building up mutually beneficial relationship and cooperation with Russia, China and Kazakhstan in terms of globalization. Conclusions Neo-industrialization, the development of IT technology and service industry will help optimize Mongolia's participation in the global economy.
Keywords: globalization concept, globalization index, Mongolia, virtualization, global economic cooperation, risks to national statehood, digital economy
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