INNOVATIVE ASPECTS OF SUSTAINABLE DEVELOPMENT OF THE ECONOMY OF UKRAINE

Abstract

Introduction. To date, innovations have not had a significant impact on the Ukrainian economy, and at the same time the general macroeconomic situation does not contribute to the intensification of innovation in the business environment. Under the current conditions, Ukraine is forced to use and borrow production and management technologies from leading countries, to catch up with them in technological, innovative and technical development. In this regard, the country needs to focus on the continuous implementation of innovation as a priority of the country's sustainable development strategy. Purpose of the work is to consider the relationship and interdependence of innovation and sustainable development, to determine the impact of innovation on the economic, social and environmental components of development. Considerable attention is paid to identifying the features of innovation in Ukraine based on the analysis of the Global Innovation Index, the share of enterprises implementing innovations and the volume of sold innovative industrial products. Method (methodology). A systematic approach, methods of analysis and synthesis are used to identify the impact of innovation on the components of sustainable development. Historical and statistical methods are used in the analysis of the peculiarities of innovation in Ukraine. Results. Innovation processes and innovation activities affect the economic, social and environmental components of sustainable development. Impact on the economic component will reduce production costs, increase productivity, profitability and increase profits, improve product quality, create new sectors of the economy, increase GDP and increase the country's competitiveness, replenish the budget, increase the share of innovative products in general and in exports in particular . The impact on the social component will be manifested in better meeting the needs of society, improving the duration, quality and standard of living, improving the quality of education. Changes in the environmental component will take place under the influence of innovations in the form of conservation of natural resources and reduction of emissions into the environment. The analysis of the peculiarities of innovation activity in Ukraine showed that innovations in Ukraine are underdeveloped and need to be intensified to build sustainable development. The obtained results can be used in the development of a strategy for sustainable development of Ukraine and the implementation of its policy in economic life.