Economic Development Of Ukraine Research Articles

EXPERIENCE AND PROSPECTS OF CHINA-UKRAINE ECONOMIC AND TRADE COOPERATION IN THE JOINT CONSTRUCTION OF THE BELT AND ROAD INITIATIVE FROM 2013 TO 2023

In 2013, China proposed the Belt and Road Initiative with the aim of closely integrating its rapidly developing economy with the economies of countries along the Belt and Road route, creating new opportunities for economic development through complementarity. Ukraine, located in the connecting zone between Europe and Asia, is an important country along the Belt and Road route leading to Europe. 2023 marks the tenth anniversary of China-Ukraine cooperation in the Belt and Road Initiative. Over the past decade, cooperation between China and Ukraine in various fields such as trade and investment has deepened, accumulating rich experience. This article systematically reviews the historical process of China-Ukraine cooperation in the Belt and Road Initiative over the past ten years, analyzes the development trends of bilateral trade, and examines the experience accumulated in areas such as infrastructure, agriculture, investment, mineral development, and high-tech cooperation within the Belt and Road framework. The challenges faced by the two countries in jointly building the Belt and Road Initiative are also analyzed, mainly focusing on the impacts of Ukraine's domestic political instability and policy changes during regime transitions. Economic development in Ukraine has been affected by geopolitical conflicts, resulting in market instability and affecting investment and project progress. These factors pose challenges to the Belt and Road Initiative, particularly the severe impact of the outbreak of war. Additionally, this article introduces the current efforts of China and Ukraine to strengthen communication and cooperation in order to achieve a peaceful resolution as soon as possible. In the future, once the ongoing war comes to an end, both countries can leverage their ten years of experience in economic and trade cooperation. With a stable political situation and increasing market attractiveness in Ukraine, both sides can fully unleash the role of market entities, expand bilateral cooperation, promote the alignment of their economic development strategies, and actively engage in post-war reconstruction cooperation.

PROCESS OF UKRAINE'S FINANCIAL SECTOR INSTUTIONALIZATION AND ROLE OF CORPORATE SECURITIES MARKET

This article deals with the characteristics of the institutionalization process of the financial sector in Ukraine and the role of the corporate securities market in it. It is determined that the modern domestic financial sector is characterized by significant institutional imbalances, primarily due to the insufficient effectiveness of state policy in this area. For many years, banks have been the key players in the domestic financial sector, which significantly reduced the level of financial inclusion. The development of non-banking financial institutions has been fragmentary, significantly undermining public trust in the financial sector. In particular, this concerns the activities of credit unions in Ukraine, where the market volumes of private pension provision have been minimal for a long time. Some existing institutional imbalances were overcome through the rapid digitalization of certain segments of the financial market, but the overall level of financial inclusion remains low. The process of institutionalization of the domestic financial market occurred against the background of the weakness of the corporate securities market. The article notes that this situation was a consequence of the lack of interest from joint-stock companies in market methods of capital attraction. Along with this, domestic financial institutions are not interested in investing in corporate securities. Thus, the reluctance of public corporations to place their securities on the market coincides with a peculiar investment strategy of financial institutions. As a result, the volumes of the primary corporate securities market in Ukraine are minimal (especially in the stock market), and government securities dominate the secondary market for a long time. This situation poses a series of threats to Ukraine's economic development and requires appropriate actions from the state aimed at the activation of the corporate securities market. It can now be stated that domestic public corporations are non-competitive in the global financial space, which destructively affects their market positions.

Formation of economic indicators of national security in the context of business digitalization and changes in the economy

Abstract. Today, Ukraine's economic development is taking place in the context of market competition, negative phenomena in the foreign economic sphere, and most importantly, russia's full-scale military aggression. At the same time, economic relations in the country are characterized by such undesirable phenomena as the shadow economy, economic inequality of business participants, growth of external debts, decline in economic activity, deficits of the state and territorial budgets, unprofitability of business entities, migration processes, unemployment, and poverty. The article examines the content of the concept of economic security in the context of the national security component, which is determined by a set of tasks based on the implementation of the Economic Security Strategy of Ukraine for the period up to 2025. The author analyzes the dynamics of indicators that determine the state of economic security of Ukraine and the existing threats in the national economy. In order to monitor the state of economic security in accordance with the Strategy, it is proposed to fulfill the task of its scientific support, to develop methodological recommendations and a mechanism for interpreting the integral indicator. At present, there is no information on the level of economic security of Ukraine on the official websites of the legislative and executive branches of government since 2021. The system of reservations regarding the indicators for assessing the economic security of Ukraine proposed in the Strategy is substantiated. A simplified list of indicators for monitoring the state of economic security is defined and interval signs of economic development scenarios at the level of optimistic, pessimistic and basic characteristics are developed for the integral indicator. The assessment of the status of economic security objects (the State, territorial communities, types of economic activity, business entities) is significantly influenced by the development of digitalization of the economy. It is established that in our country the processes of digitalization do not have a cross-cutting connection «business entities – types of economic activity – territorial communities – the State», but arise and develop locally within individual business and government structures.

TRENDS IN THE DIGITAL TRANSFORMATION OF UKRAINE'S ECONOMY IN THE CONTEXT OF WAR

Influenced by the processes of global digital transformation and the requirements set by the European Union in the context of European integration, the Ukrainian economy, even before the full-scale invasion, was focused on the development of digital technologies that allow increasing the level of production automation and labour productivity, reducing costs, increasing revenues, improving competitiveness and realising other benefits of digitalisation. At the same time, during the war, the role of digital technologies is growing, turning into a flexible tool that ensures the economic sustainability of Ukraine. Despite the considerable attention of researchers to the problems of building Ukraine's digital economy in wartime, the key features and trends of its development require a more detailed study, taking into account the challenges and tasks that arise in martial law and can be quickly and effectively addressed with the help of digital technologies. In this regard, the study of the specifics of the development of digital transformation of the economy in order to achieve Ukraine's strategic goals in wartime deserves special attention. The subject of the study is the process of digital transformation of Ukraine's economy in wartime. The purpose of the study is to analyse the features and trends in the development of Ukraine's digital economy, taking into account the challenges and needs of wartime, and to propose ways of post-war recovery. The study of the problem was carried out with the use of a combination of general scientific and modern research methods, among which the main ones are the method of system analysis (when studying the approaches and points of view of domestic and Western scientists), economic and statistical (to determine the trends in the development of the digital economy in Ukraine), analysis and synthesis (when studying the types of digital economy), graphic (to visualize a number of theoretical and practical provisions of the article). The purpose of the article is to study the peculiarities of development of Ukraine's digital economy in the context of current challenges caused by the war. The authors emphasises that digitalisation processes are important for the restoration and development of the national economy and for increasing the country's competitiveness. The importance of further development of the digital economy is determined not only in the context of war, but also to overcome its consequences in the period of post-war recovery. Conclusions. Digital technologies have a significant potential to restore the national economy and accelerate economic development, as they can facilitate the transition from the use of material to information resources, reduce production costs, create new technological products and bring them to the global market, increase the country's competitiveness, etc. In addition, digital technologies can accelerate Ukraine's economic development both during the war and in the period of post-war reconstruction. This contribution is supported by the research work of the Department of Accounting and Taxation of the National University Zaporizhzhia Polytechnic 05711 "Modern concepts and practice of development of accounting, auditing and taxation in the context of economic globalization".

ЗАСТОСУВАННЯ ШТУЧНОГО ІНТЕЛЕКТУ В ФІНАНСОВО-ЕКОНОМІЧНОМУ АНАЛІЗІ ДІЯЛЬНОСТІ ПІДПРИЄМСТВА

The article examines the peculiarities of artificial intelligence development and the using its achievements for the future development of Ukrainian economy, in particular in accordance with the Concept of Artificial Intelligence Development in Ukraine. The major tasks of AI using in economical spare of Ukraine are: stimulating the development of entrepreneurship in the field of artificial intelligence; motivation of business to introduce artificial intelligence technologies to increase their own efficiency; development of the Roadmap to retrain people whose work can be automated in the nearest future; introduction of the state order for artificial intelligence systems, IT specialists and data researchers; stimulation of partnership between the state and business in the field of innovative projects, as well as improvement of legislation in the relevant field. Using of information technologies allows to monitor business projects, influence the results of business operations, which enables to warn possible risks and make effective decisions. AI is a modern tool capable to increase business efficiency through rapid analysis of available data, that lets choose the best development strategy. The main advantages of using AI include: forecasting financial and market-commercial risks; optimization of development strategies; creation the system for monitoring business results in real time; automation of accounting and financial and economic analysis; analysis of market and economic trends. The key problems in the economic sector that affect the development of AI in Ukraine are separated, special attention is paid to the advantages and risks of using artificial intelligence technologies in business activities, among them low-quality data for analysis, opacity of the obtained results, as well as the risk of privacy loss. In order to minimize the possible risks connected with the loss of confidential data, it is proposed to use of software that would allow, taking into account the industry specifics of each enterprise's activity, to maintain, monitor and analyze significant data. That would allow to monitor the effectiveness of business processes in the real time mode and make efficient management decisions without fear of leakage of important confidential information.

“GREEN FINANCE” IN THE PARADIGM OF SUSTAINABLE BANKING DEVELOPMENT OF THE ECONOMY OF UKRAINE

Introduction. The concept of sustainable development, which has been recognized by the UN and all countries of the world over the past 30-40 years, has become the consensus official paradigm of the world economy in the 21st century. The changed paradigm of the global economy, the foundation of which became the "Goals of sustainable development, the climate agenda and ESG – the transition created a new mega trend of the financial industry – “sustainable finance or finance of new quality”. “Green finance” is considered as a strategic direction of sustainable financing. The purpose of the article is to substantiate theoretical and practical conceptual approaches to the definitions of “green economy” and “green finance” in the new paradigm of the global economy, as well as their use in the sustainable investment development of Ukrainian economy. Results. Key initiatives in the field of sustainable development, as well as conceptual approaches to the definitions of "green economy" and "green finance" are considered. Focused attention on the concept of sustainable finance, the trend of which foresees a revolutionary approach from the classical paradigm of finance to a new paradigm. Financing instruments and mechanisms, such as green bonds, credits and loans, which are not fundamentally new in technical terms, but contain an ecological component, have been analyzed. It is argued that the concept of sustainable development finance acquires both theoretical justification and practical confirmation in the academic discourse. The NBU strategic approaches to the construction and development of sustainable financing, taking into account ESG factors in the European integration vector of Ukraine were studied. Conclusions. It is justified that the paradigm of sustainable finance should be considered in an inextricable relationship with the notions of sustainable development and sustainable investment, which is correlated with the achievement of sustainable development goals. In further scientific research, it is necessary to pay special attention to the key principles of the development of sustainable financing in Ukraine, especially the implementation of environmental, social and managerial (ESG) factors, which will become mandatory elements of the corporate management systems of financial institutions.

Innovation as a Key Driving Force of Ukraine's Economic Development in New Conditions

The article substantiates the role of innovation as one of the key drivers of Ukraine's economic development in the new conditions dictated by the war and integration with the EU. Based on a review of leading international ratings, the author analyses the state of Ukraine's innovation activity before and during the war. The strengths, weaknesses, threats, and opportunities in Ukraine's innovation sector are identified. The results showed a deterioration in Ukraine's innovative position in international rankings, mainly under the influence of the war. The changes in the key indicators of innovation activity in Ukraine from 2010-2021 are analysed. The results show a downward trend in most of Ukraine's innovation indicators over the period analysed. The identified problems in Ukraine's innovation sphere are primarily related to the state's need for a more effective innovation policy. The main directions for improving Ukraine's innovation policy in the new conditions are identified based on the obtained results. The author identifies key promising areas for Ukraine’s innovation development in the new conditions.

Economic and Legal Principles of Cybersecurity as a Prerequisite for the Introduction of Special Economic Regimes

The article conducts a scientific and practical study of the economic and legal aspects of the State policy in the field of cybercrime and its impact on business development in a particular region, country, etc. It is determined that the massive spread of cybercrime, the lack of effective mechanisms for combating economic crimes, and the leveling of conceptual approaches to creating an effective mechanism for legal support of the business environment development have a negative impact on the investment environment in particular and on ensuring sustainable development of the State as a whole. The author analyzes the regulatory and legal documents which form the legal basis of the mechanism for combating cybercrime, both at the international and national levels. The author identifies the weaknesses of the national system of legal regulation of cybersecurity. The author points out the sufficiency and fragmented nature of legislative support for cybersecurity and counteraction to the growth of economic crimes.
 It is established that the significant vulnerability of Ukraine's information sphere is due to the excessive use of foreign-made material and technical means. It is emphasized that the international scale of the fight against cybercrime requires clarification and harmonization of national legislation in order to be able to cooperate with law enforcement agencies abroad. The article focuses on the low efficiency of Ukraine's current cybersecurity system and the urgent need to improve and optimize it. Achieving this will not only solve the problem of information space security, but also ensure the continuity and sustainability of Ukraine's economic development.
 It is determined that one of the priority areas of work in the field of creating optimal conditions for business is the fight against computer crimes in the economic sphere. Among the main tasks in this area of activity is to counteract the legalization of shadow income. The analysis of money laundering schemes shows that organized crime is very interested in using the capabilities of electronic payment systems which allow for instant money transfers with almost complete anonymity of counterparties.

СОЦІАЛЬНЕ ПІДПРИЄМНИЦТВО ЯК АКТУАЛЬНИЙ НАПРЯМ РОЗВИТКУ ЕКОНОМІКИ УКРАЇНИ

The article is devoted to the analysis of social entrepreneurship as a topical area of economic development in Ukraine. The purpose of the study was to define the essence, characteristics, and analyze the state of social entrepreneurship in Ukraine. The article identifies the leading sectors of social enterprise activity, identifies the main problems and directions of their development. To analyze social entrepreneurship in Ukraine, the authors use the methods of scientific literature analysis, quantitative data analysis, comparative method, and expert evaluation methods. This allows us to comprehensively consider the phenomenon of social entrepreneurship, identify its key characteristics, problems and prospects. According to the analysis, the key problems are the lack of adequate funding and support from the state. On the other hand, the article reveals significant potential for the development of social entrepreneurship in the areas of employment of vulnerable groups, ecology, and financing of social services. Based on the results of the study, it can be concluded that social entrepreneurship in Ukraine requires a comprehensive approach for further development, which would include legislative initiatives, financial support, and broad educational activities. The practical significance of the study is that it can serve as a basis for developing strategies and policies to promote the development of social entrepreneurship at the state and local levels. The results of the analysis may be useful for organizations that finance or plan to finance social entrepreneurship projects, as well as for social entrepreneurs looking for effective business models.

СТРАТЕГІЯ ВІДНОВЛЕННЯ СТАЛОГО ЕКОЛОГОЕКОНОМІЧНОГО РОЗВИТКУ ТЕРИТОРІЙ УКРАЇНИ НА ІННОВАЦІЙНИХ ЗАСАДАХ

The current realities associated with russia's full-scale invasion have led to the fact that Ukraine, as a country with great economic potential and rich natural resources, is facing an important task - the implementation of a strategy for restoring and modernizing the foundations of sustainable ecological and economic development. Studies of the institutional determinants of regulating Ukraine's environmental and economic growth have revealed a significant impact of institutional factors on the formation and implementation of environmentally oriented strategies. Institutions play a critical role in setting the rules of the game, creating incentives for sustainable resource use and environmental protection. The study of the institutional aspects of regulating Ukraine's environmental and economic growth has revealed the positive changes that have already taken place in improving environmental policy and promoting sustainable development. At the same time, numerous challenges and shortcomings in current institutional practices have been identified. In this context, the development and implementation of a strategy to restore sustainable environmental and economic development of Ukraine's territories is becoming increasingly important. This strategy should be based on scientific research, taking into account the best international practices, and should take into account all aspects of sustainability, from economic and social to environmental. An important element of such a strategy is the institutional approach, which involves the creation of an effective system of norms, rules and mechanisms that will help achieve balanced development.

The influence of transnational corporations on the Ukrainian economy development in the post-war period

Transnational corporations, as a form of international business, currently significantly influence the development of strategies for developing Ukraine's economy, becoming the leading players in modern international relations. In modern realities, the transnationalization of enterprises in Ukraine can be an economic tool that forms new directions of social development, goals of foreign economic activity, and the specifics and conditions of the country's participation in the global division of labor and international trade. Today, transnational corporations are a significant element in many countries' economic systems, helping to increase economic efficiency. The article aims to study transnational corporations' influence on the country's economy in the post-war period. The results. The article analyzes aspects of the activities of transnational corporations in Ukraine and their impact on the country's economy. A classification of the main methods transnational corporations implement in their external expansion is presented. It was determined that the main activities of transnational corporations include investing funds through direct foreign investment (creating joint ventures, branches abroad, developing a corporate network), exporting products and services, selling licenses to foreign partners, and forming strategic alliances with other companies. It was determined that the activities of transnational corporations are based both on the use of their production resources and on cooperation with independent enterprises. Such corporations often exploit cheap labor and favorable tax conditions by locating their branches in countries with low taxes or other competitive advantages. Conclusions. The definition of the main characteristics of transnational corporations, which emphasize their significant contribution to forming the country's economic structure, has been clarified and expanded. It has been proven that due to their significant financial potential, transnational corporations often have advantages over local companies, as they provide the exchange of goods, services, information, and production resources necessary for the reconstruction of the country in the post-war period. Keywords: transnational corporations, investments, innovations, investment and innovation development, country reconstruction.

PROBLEMS AND PROSPECTS OF ENVIRONMENTALLY SAFE SUSTAINABLE DEVELOPMENT OF THE KOVEL TERRITORIAL COMMUNITY

Environmentally safe sustainable development is important to achieve at the global, national and local levels. Nowadays, environmental issues are becoming one of the factors hindering Ukraine's economic development and its movement towards the European community. Large-scale reforms in many areas and integration into the EU require Ukraine to take new decisions and practical steps to create an environmentally friendly environment. Our country has actively joined the global process of promoting sustainable development. At the local community level, the implementation of sustainable development goals is carried out through the development and financing of relevant local programs. The purpose of the article is to substantiate the measures of sustainable environmentally safe development of the Kovel territorial community. To achieve this goal, it is necessary to assess the peculiarities of natural conditions and economic development of the studied territory, to analyze the environmental problems of the community, to substantiate the ways of sustainable environmentally sound development of the Kovel territorial community. Methods used: cartographic, constructive-geographical, mathematical modeling, geoinformation modeling, remote sensing, SWOT analysis, expert evaluation. The result of the study is the identification of the most pressing environmental problems facing the community. The scientific novelty is to substantiate the ways of sustainable environmentally safe development of the Kovel territorial community. The practical significance of the study provides for the possibility of using its results to develop strategies for the use of natural resources, develop local environmental programs and prepare project proposals for participation in grant competitions.

DEMOGRAPHIC MODEL "DONOR-RECIPIENT" ON THE EXAMPLE OF COUNTRIES: UKRAINE AND BANGLADESH

The demographic imbalance is a serious problem in Ukraine due to overall demographic stagnation since 1992, economic labor migration, and war [1]. A proposed solution is targeted demographic migration. For example, migrants can contribute by transferring knowledge and skills to develop various sectors, including healthcare, education, and others. Ukraine is facing out-migration and depopulation, especially in the industrial and agricultural sectors. Migrants can help fill these vacancies, contributing to economic development and providing the necessary labor force. Ukraine also faces demographic security challenges, including an aging population [6] and low fertility rates. To address these issues, it is necessary to develop effective government programs and policies aimed at supporting families and fertility. On the other hand Bangladesh is considered as one of the over populated countries on the planet. About 1,168.79 people are living per square kilometer area. It increases 1.03% from the previous year i.e. 2022 in 2023. Bangladesh is enjoying a youth population mean since long. According to an UNFPA study about 20% of their populations are 15-24 years of age. Moreover 48% of their populations are in working age from 25-60 years. Every year millions of Bangladeshi expatriate workers fly to Middle East, East Asian, European and North American countries to get job and they are contributing about USD 25 billion per year as remittance to Bangladesh economy. Objective. Is to solve the problem of the demographic crisis in Ukraine and to develop migration relationship. Methods. In this article we did literature review: we conducted a thorough review of existing literature on demographic models, migration, and population trends in Ukraine and Bangladesh. This would have involved searching for and analyzing relevant academic articles, reports, and statistical data. Also we use method called data analysis: we analyzed demographic data from Ukraine and Bangladesh, including population size, growth rate, age distribution, and migration patterns. We did case study: we used Ukraine and Bangladesh as case studies to illustrate the application of the «donor-recipient» demographic model. We did proposal development and peer review. Are many scholars who study demography and explore different strategies in this area. Results. The demographic imbalance is a serious problem in Ukraine due to overall demographic stagnation since 1992, economic labor migration, and war. The proposed solution is targeted demographic migration, where migrants can contribute by transferring knowledge and skills to develop various sectors, including healthcare, education, and others. We propose a comprehensive migration policy that defines the goals of migration, the desired types of migrants, and the steps that will be taken to support migrants. The article provides a detailed analysis of the demographic trends and challenges in these countries and proposes a solution that is based on the «donor-recipient» model, which has been successfully implemented in other countries. The proposed migration policy can contribute to economic development, reduction of discrimination and xenophobia, and the development of tourism infrastructure in Ukraine. Scientific novelty. It lies in the proposal of a targeted demographic migration program that is tailored to the specific needs and characteristics of Ukraine and Bangladesh. The article provides a detailed analysis of the demographic trends and challenges in these countries and proposes a solution that is based on the «donor-recipient» model, which has been successfully implemented in other countries. Practical significance. Economic development: the migration of skilled workers from Bangladesh to Ukraine can help fill labor shortages in key sectors such as healthcare and education, which can contribute to economic development in Ukraine. Reduction of discrimination and xenophobia: the coexistence of different nationalities can help reduce stereotypes and assumptions about other cultures, which can contribute to a more tolerant and inclusive society. Development of tourism infrastructure: migrants from Bangladesh can draw attention to Ukrainian tourist destinations among their compatriots and other tourists from South Asia, which can contribute to the development of tourism infrastructure in Ukraine. Transfer of knowledge and skills: migrants can contribute by transferring knowledge and skills to develop various sectors, including healthcare, education, and others. Strengthening of cultural ties: the exchange of cultural values between Ukraine and Bangladesh can enrich both societies and strengthen cultural ties between the two countries.

ПРІОРИТЕТИ ІННОВАЦІЙНОГО ЕКОЛОГО-ЕКОНОМІЧНОГО РОЗВИТКУ УКРАЇНИ НА ЕТАПІ НОВИХ ВИКЛИКІВ СУЧАСНОГО СВІТУ

The article substantiates the importance of a systemic approach to the study of Ukraine's ecological development policy and identifies important economic measures in this area. The concept of ensuring the ecological and economic development of Ukraine from the point of view of solving acute problems, implementation of management and market innovations is proposed. It was determined that management innovations include institutional and resource innovations, decentralization, regulation of ecological and economic development, state deregulation, strengthening the role of ecological entrepreneurship and civil society. Market innovations include the development of the market for natural resources, the development of the market for trading emission quotas, as well as structural changes for the development of environmentally oriented types of economy and the further development of an ecological economy. Focusing on the structural approach, the priorities of ecological and economic development of Ukraine are formulated in terms of components of natural resource potential. The current advantages of state influence on the development of the ecological and economic sphere, which needs to be solved in the current conditions of the full-scale invasion of Russia into Ukraine and the post-war recovery of the national economy, are substantiated.

The budgetary mechanism of the national economic development model: Political aspects

The main objective of the article was to study the legal and economic aspects of the formation of the budgetary mechanism of the national model of economic development. It is possible to ensure the dynamic processes of economic development of Ukraine only through effective regionalization, which significantly increases the requirements for the formation and use of the financial potential of the regions, which requires the development of strategic priorities for public financial management of the region as a whole. The research methodology involved the use of modern theoretical methods of analysis within the framework of dialectics. As a result of the analysis, the key aspects of the budgetary mechanism of the national model of economic development in Ukraine were characterized. It is concluded that, the study has a number of limitations in conducting a purely theoretical analysis. Further research should be devoted to the examination of digital technologies for the formation of the budget mechanism of the national model of economic development, among other aspects.

Вплив деяких зовнішніх чинників на фінансову нестабільність в Україні

Introduction. The nature of Ukraine's economic development over the past thirty years reflects its dependence on global financial and economic cycles. The nature of this dependence lies in the stable interrelationship of the global commodity markets with factors of internal financial stability. One of the important ways to overcome such dependence is a nationally-rooted monetary policy aimed at supporting domestic economic activity and weakening the influence of the external environment on financial stability. Problem Statement. Increasing the internal financial stability of the national economy and the regulatory potential of monetary policy by limiting their dependence on global economic cycles. Purpose: Formalization of the relationship between the financial stability of the national economy and changes in the global commodity markets and the identification of prospective monetary policy measures to mitigate them. Methods. General scientific and special methods are used : theoretical generalization, systematic, abstract-logical and comparative analysis, synthesis, grouping. Results. The article summarizes the regularities that determine the cyclical repetition of financial and economic crises in Ukraine. In particular, it was noted that the stability of small open economies, a significant share of whose income is formed by the export of raw materials, largely depends on the situation on the global raw materials markets. Cyclical downturns in these markets cause financial crises, which lead to the decapitalization of small open economies and thus make their structural innovative development impossible. Conclusions. In order to ensure the sustainable development of small open raw material economies, it is necessary to carry out an appropriate institutional policy of the state aimed at ensuring the development of a more complex economic base with a departure from raw material dependence. This requires a corresponding modernization of monetary policy in terms of expanding control over the movement of capital flows, limiting the volatility of the exchange rate.

FOREIGN ECONOMIC STRATEGIC PRIORITIES OF UKRAINE

The paper is devoted to the analysis of modern foreign economic strategic priorities of Ukraine, features of their implementation in the context of the key purposes of economic development of the country. Emphasis is placed on the need to use modern tools to support domestic producers and limit import expansion in the context of the formation of a new export strategy of Ukraine. Ukraine is a small open economy that makes extensive use of external factors of economic development both in the context of markets for its products, especially the agricultural sector, and attracting important resources of critical imports, including oil and natural gas, electronic equipment and more. From this point of view, the analysis has revealed the role and importance of two key players in the world market – the United States and China – in ensuring Ukraine’s external economic balance. The paper empirically examines the dependence of certain macroeconomic indicators of Ukraine on similar indicators of the United States and China (the so-called ‘large’ and systemically important economies for Ukraine). Vector autoregression models were used as a research tool to explore the dynamic interdependencies between macroeconomic indicators in the case of explaining their present values by the previous ones. For this purpose, percentage changes in gross domestic product and consumer price index compared to the corresponding period of the previous year for the USA, China and Ukraine were selected. As a result of the research, impulse-response functions from ‘large’ economies showed the dependence of indicators that characterise economic development in Ukraine from them and their long-term absorption, both in the context of economic growth in these countries and inflation imports from abroad. Moreover, it should be noted that the influence of China is more significant than that of the United States, especially if we consider the impact of fluctuations in the consumer price index in China on economic growth and inflation in Ukraine. This necessitates further research on this issue in line with the formation of scientifically sound foreign economic strategy and policy of Ukraine. The impact of economic growth in the United States and China on Ukraine’s GDP fluctuations is positive and almost the same (peaking in the second quarter and gradual levelling over two years). In turn, the variance decomposition of forecast errors for Ukraine’s GDP shows that in the long run about 52% of its variability result from modelled external factors, which in our opinion is due to significant openness of Ukraine’s economy and, consequently, ‘large’ economies. Finally, paper emphasizes the need to assess their international economic policy to minimize risks in the implementation of the country’s foreign economic strategy.

THEORETICAL AND ORGANIZATIONAL FUNDAMENTALS SOCIO-ECONOMIC DEVELOPMENT OF THE STATE

Introduction. Sustainable functioning of the national economy of any state in modern conditions of probable transformational changes within the global economy is possible with the implementation of effective sustainable economic development. Sustainable economic development of the state is impossible without the existence of a socially successful society. Namely, the combination and solution of the issues of development of market relations and increased attention to social problems creates favourable prerequisites for the social and economic development of the state. Methods. The provisions of the dialectical method regarding the knowledge of economic phenomena and processes in their continuous interrelationship were the methodological foundations of the research. The following general scientific methods were applied to solve the set goal: a systematic approach to the research object; abstract and logical method; elements of deduction and induction; observation and grouping; method of comparison; graphic method; generalization of theoretical and factual material; monographic method. Results. In order to realize sustainable social and economic development, it is necessary to develop an appropriate national strategy at various levels, which will enable Ukraine to reach a qualitatively new level, raise the standard of living of the population, and provide our country with a proper place in the world community. Discussion. An objective necessity is the further study of the social and economic development of Ukraine in the conditions of Russian aggression and the peaceful reconstruction of the country, deepening the stages of development and implementation of the system of tools for the development and implementation of the strategy of the national economy. Keywords: economy of the country, social and economic development of the state, social development of the country, economic development of the country, tools of development and implementation of social and economic development.

Investment process and the ways to reduce the duration of investment construction projects

The urgent task of the state is to intensify investment activities and significantly increase the volume of investments.
 The general legal, economic and social conditions of investment activity on the territory of Ukraine are defined by the Law of Ukraine "On Investment Activity", which is aimed at ensuring equal protection of the rights, interests and property of subjects of investment activity regardless of the forms of ownership, as well as at effective investment of the economy of Ukraine. development of international economic cooperation and integration.
 The investment process means constant and growing investment of capital in material production for the purpose of successful social and economic development of Ukraine. For construction, the investment process means the creation of specific objects (or their complexes) for production and non-production purposes in the interests of specific investors (investor). The investment process consists of the implementation of separate investment construction projects (ICP). Each ICP is characterized by the duration of the life (or investment) cycle, which is measured by the interval of calendar time from the date of making the investment decision to the moment when the project goal is achieved. There are three stages of this cycle: justification of the idea and planning of investment, development of funds, reimbursement of invested funds or achievement of the project goal.
 The article examines the main, key procedures of each stage, which emphasize the importance of solving the financing issue, since the full set of procedures depends on the scope of the project. Reducing the duration of the investment cycle of a construction project depends on the intensification of each of its stages. The main factors affecting the reduction of the duration of each stage of the investment cycle of the construction project are given.
 The results of the conducted research should be taken into account in the further improvement of the legislative acts of Ukraine in order to activate investment activities and significantly increase the volume of investments in Ukraine.

БРЕНДИ У СФЕРІ ІНТЕЛЕКТУАЛЬНОЇ ВЛАСНОСТІ

До 24 лютого 2022 р. розвиток економіки України відбувався в умовах занепаду інноваційної сфери і перманентних реформ управління галуззю інтелектуальної власності. Як наслідок, національні компанії і окремі особи поступово втрачали потенціал щодо патентування винаходів, реєстрації торгових марок, використання брендингу як способів захисту інтелектуальної власності на міжнародному і національних ринках. Очікуваний приплив інвестицій транснаціональних компаній у повоєнний період неодмінно посилить конкуренцію на внутрішньому ринку за володіння об’єктами права інтелектуальної власності. Бренди є важливим стратегічним активом капіталізації і джерелом конкурентних переваг компаній у більшості країн світу і на світових ринках. Розглянуто проблемні аспекти стратегічного розвитку сфери інтелектуальної власності України в контексті імплементації досвіду провідних транснаціональних компаній щодо використання брендів як індикаторів вартості нематеріальних активів. Проведено порівняльний аналіз відомих рейтингів вартості брендів у світі й в Україні. Показано, що вартість найдорожчих брендів українських компаній є в сотні (683,852 млрд дол. Amazon i 525 млн дол. «Моршинська») разів меншою, ніж брендів транснаціональних компаній. Відзначено, що, на відміну від загальносвітової тенденції високих темпів зростання подач заявок на реєстрацію прав на об’єкти інтелектуальної власності, в Україні фіксується спадна тенденція, передусім щодо реєстрації товарних знаків за міжнародно визнаною Мадридською системою. З огляду на це, запропоновано відновити роботу над Національною стратегією розвитку сфери інтелектуальної власності з урахуванням сучасних тенденцій у цій царині й набуття Україною статусу країни – кандидата на членство в Європейському Союзі.