THE IMPACT OF SOCIAL SECURITY ON THE COUNTRY'S ECONOMIC GROWTH: AN ANALYSIS OF PANEL DATA

Abstract

The realization of Ukraine's European integration aspirations and integration into globalization processes exacerbate the challenges and threats to the national economy in the segment of protection of social interests and especially in the context of the pandemic caused by SARS-CoV-2. This raises several issues aimed at studying the theoretical and methodological, and applied aspects of the formation and development of social security at the level of the state and society, and at the level of the individual. In particular, the paper analyzes the essence and content of the concept of "social security", its types and forms of manifestation. Particular attention in the study is paid to determining the factors influencing the level of social security of the state, including through the prism of interaction on indicators of socio-economic development. A system of principles was defined on which the concept of sustainable economic growth through the prism of social security should be based, namely: the level of socio-economic development of the state, territorial integrity and inviolability of borders, improving the welfare of the population, compliance with state standards and social guarantees in the field of finance, patriotic education, completion of financial and administrative-territorial decentralization, implementation of gender-oriented policy at all levels of government, creation of appropriate working conditions, etc. Based on this, the main indicators that determine the state of social security were analyzed: level of education, level of welfare, the share of the working population, mortality rate, population growth rate, real GDP growth rate, and GDP per capita, etc. According to the results of the analysis, the problems of social security in a pandemic was identified and a set of recommendations aimed at forming a safe and progressive development of the country, increasing its competitiveness in the world economic arena, which will generally increase social guarantees and well-being as an individual and society as a whole.