Open AccessModernization of Ukraine's economy: strategic aspects
Author(s) -
Liudmyla Moroz,
Olha Prosovych
Publication year - 2021
Publication title -
ekonomìka, fìnansi, pravo/ekonomìka. fìnansi. pravo
Language(s) - English
Resource type - Journals
eISSN - 2786-5517
pISSN - 2409-1944
DOI - 10.37634/efp.2021.11(2).4
Subject(s) - modernization theory , ukrainian , economic system , democracy , globalization , political science , business , economy , economics , economic growth , market economy , politics , linguistics , philosophy , law
The paper considers the issue of modernization of Ukrainian economy through the prism of strategic aspects of its implementation. The introduction states that the constant renewal of the economy, which is designed to ensure the lag of Ukrainian development from the developed countries, is based on the successful modernization of the economy in the direction of democratic and dynamic development of the country. The purpose of the paper is to substantiate the need to modernize the economy of Ukraine and characterize the strategic directions of its implementation.It is explained what efforts the state needs to make for the successful modernization of the economic system of Ukraine, given the globalization changes in modern society. It is substantiated that effective structural modernization of the economy requires adequate financial support, which is designed to ensure qualitative change in society. It is argued that public policy in the field of economic modernization should be part of the overall mechanism of modernization, which involves solving three interrelated problems. The conditions to be met by successful reforms in the field of economic modernization have been determined. It is proved that the strategic directions of modernization of Ukraine's economy should take into account the need to implement reforms in accordance with the need to introduce the most effective formats, mechanisms and principles of economic process management in the country. Strategic directions of modernization of Ukrainian economy at the present stage are formulated.In conclusion, it is substantiated that the modernization of the Ukrainian economy is an objectively necessary and inevitable process designed to ensure the growth of welfare and the development of positive transformational changes in the country. Modernization changes must be carried out in accordance with certain efforts of the state aimed at obtaining the best result of the functioning of the economic system. It is concluded that reforms in the economy of Ukraine should be carried out in accordance with a clear strategy of its development and strategic directions, which will implement the chosen state course to modernize the national economy and build an economic system in accordance with the level of developed countries.