Exceptional global changes in the last few years have led to the emergence of a new economic reality that shapes all parts of the economy and society. The latest technological and global trends have led to a strong increase in the importance of industrial policy. The Fourth industrial revolution, globalization and human capital are the main drivers of today's economic development. Environmental, digital and social transitions shape new types of jobs, services and business models. The changing geopolitical environment greatly affects the industry. The confluence of the COVID-19 pandemic and the Russian-Ukrainian conflict ultimately marked a turning point for the global economy as these key events laid bare economic vulnerability and at the same time made global political tensions worse. Global market competition, protectionism, market disruptions and trade tensions are increasing challenges. Their combined influence gives a new direction to the development of industrial policy and encourages the formation of a system of public instruments to support priority industrial areas. Policymakers in developing economies are increasingly adopting green industrial policies based on the production of green technologies and services. The main goal of the research in this paper is to identify the key features of the new reality that determine the necessity of industrial policy's approach to new trends. Understanding the major changes in the economic environment will help countries and businesses navigate global economic uncertainty with active industrial policies.

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