Theoretical aspects of the formation of the economic policy of Ukraine’s economic growth at the modern stage

Abstract

The theoretical approaches of leading Ukrainian scientists to the formation of priorities and strategies for economic growth in Ukraine under conditions of post-war recovery are analyzed in this paper. The conceptual views of V. Heyets, Y. Bazhal, I. Yehorov, and M. Zveryakov regarding the possibilities of economic development in the country are examined. It is determined that the key aspect of economic growth is the implementation of an effective industrial policy, which should be based on innovation, technological development, and the creation of high value-added products. The importance of institutional transformations, a balanced regional policy, and the stimulation of production localization is emphasized. Special attention is paid to the concept of ‘economic breakthrough’, which is considered more appropriate for Ukraine’s current conditions than gradual economic growth. It is noted that Ukraine has significant prerequisites for such a breakthrough due to its ability to use ‘the advantages of backwardness’ – the possibility of implementing modern technologies without going through all historical stages of industrial development. The main elements of accelerated economic growth are identified, including: the innovative ecosystem as the basis for development; institutional transformations as a strategic priority; social responsibility of business and the state; balanced regional policy; and global integration as a full-fledged participant in market relations. The necessity of systemic modernization of the industrial complex based on high technologies and transition from raw material orientation to an innovative economy is substantiated. It is concluded that the success of post-war economic recovery will be determined by Ukraine’s ability to create competitive advantages through the implementation of effective industrial policy, development of human capital, and integration into global value chains where high value-added products are created. The experience of countries that recovered after World War II, particularly Germany and Japan, is recommended to be studied and adapted to Ukrainian conditions in the context of structural reforms and economic modernization. The findings of the study are intended to serve as a conceptual basis for the development of Ukraine’s post-war industrial and innovation policy.