ANALYSIS OF THE BUDGET DEFICIT IN UKRAINE AND ITS SOCIO-ECONOMIC CONSEQUENCES
Abstract
The purpose of the article is to study the budget deficit in Ukraine and the consequences it leads to in the socio-economic processes in society. In Ukraine, as in any other state, there is a budget deficit, which arises as a result of an unbalanced economy, a decrease in income and an increase in expenses. The modern market economy cannot eliminate the budget deficit if the appropriate tools are not used to stabilize the economy, and for this a strict economy regime is necessary, which must be implemented by all state and administrative structures, this is a kind of financial state of the country, which characterizes the general situation in the state, and means it should be of interest to all citizens and every business entity. Statistical methods, economic and financial analysis and observation were used to study the state of the budget deficit in Ukraine and its impact on the socio-economic life of the population. Practical data proved that during this period the expenditure part of the State Budget exceeded its income part. Moreover, the budget was in deficit during the entire studied period, but the deepest deficit was observed in the last three years. The corresponding indicators of the maximum deficit of the state budget are the result of the negative consequences of the pandemic, which took into account, first of all, the provision of funding for the adjusted priorities of the state budget policy, in particular, the creation of the Fund to fight against COVID-19 and additional expenses that were allocated to health care, education, provision of social support to the population. It was found that the adoption of a budget with a deficit is no longer considered a negative or extraordinary phenomenon in the world today, since the causes of occurrence, forms of manifestation and socio-economic consequences of the budget deficit in each country have their own characteristics. The main thing is to determine the sources of its coverage and use them effectively. It is substantiated that the imbalance of the budget is caused by ineffective both revenue and expenditure financial policy of the government. It has been proven that the impact of the budget deficit on the socio-economic situation in the country is direct and immediate. The main problems of the budget deficit in Ukraine and effective directions for its optimization have been determined.
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