UKRAINIAN ECONOMIC SYSTEM TRANSFORMATION DIRECTIONS WITHIN THE EXISTING CIRCUMSTANCES
Abstract
The purpose of the article is to highlight the vectors of transformation of the social and economic system of Ukraine in order to move to a qualitatively new stage of sustainable development. Topic actuality. Analysis of the current stage of the Ukrainian economic system development visualizes the presence of a number of recessionary tendencies that negatively affect its competitiveness on the international stage. The level of economic stability of the domestic economic system is influenced by many factors, among which it is appropriate to highlight both immediate economic and political and social, which are largely related to military aggression by the Russian Federation and the COVID-19 pandemic. The presence of obstacles to the sustainable development of the domestic economic system under the current conditions of its operation encourages the search for perspectives for development of the Ukrainian economic system. The results obtained. On the basis of statistical materials, the opinion that recessionary tendencies can be observed in the domestic economic system is expressed. The primary causes for the economic crisis in Ukraine are identified. The opinion that a promising way to overcome recessionary tendencies in the economic system of Ukraine is its transformation is expressed. ‘Bottlenecks’ in the process of transformation of the economic system of Ukraine have been identified. It is proved that the key vectors of transformation of the Ukrainian economic system are the following: macroeconomic policy development, the rule of law achievement, effective regulatory environment creation, industrial promotion, institutional capacity of local governments promotion and Ukrainian economy digitalization encouragement. The article practical value. A comprehensive approach to the transformation of the Ukrainian economic system in the following major areas will afford the opportunity to stimulate economic growth, improve the lives of the population and lay the foundation for sustainable development in the long run. An important factor in the successful economic system transformation process according to the proposed vectors is the national unification and strategic reform, which will respect the interests of all stakeholders. Unity of ideas and solidarity of purpose, primarily among the ruling establishment, is the key to the effectiveness of reform in general.
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