Formation of a transformational model of economic development in Ukraine

Yurchyshena Liudmyla
PhD in Economics, Associate Professor, Heard of the Department of Finance and Banking, Vasyl' Stus Donetsk National University, Vinnytsia, Ukraine, E-mail:l.yurchishena@donnu.edu.ua, ORCID ID: https://orcid.org/0000-0002-5904-0758

Cite this article:

Yurchyshena L. (2024) Formation of a transformational model of economic development in Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Formuvannia transformatsiinoi modeli ekonomichnoho rozvytku Ukrainy; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 7-8 (320-321), pp. 51-62.

Abstract

Ukraine's economy needs systemic transformation due to its destruction during the period of military aggression and full-scale invasion, which has led to the research.The aim of the article is to distinguish between the substantive contexts of the concepts of «economic development» and «economic growth», to form a paradigm of Ukraine's transformational model of economic development, and to identify its key components and characteristics.The results of the study were obtained using methods such as analysis, synthesis, systematization, comparison, generalization, abstraction, systematic approach, and visualization. The article examines scholars' approaches to the concepts of «economic growth» and «economic development», proposing their substantive contexts from the perspective of quantitative and qualitative changes, time periods, GDP growth, and inclusiveness. It is determined that these are complementary and interdependent processes with different durations, where economic growth is a prerequisite for economic development. The views of scientists and strategic documents at both international and national levels regarding concepts such as «circular economy», «knowledge economy», «green economy», «digital economy», and the Sustainable Development Goals were researched. Their implementation in Ukraine's economy has laid the foundation for the author's vision of Ukraine's transformational model of economic development. The model focuses on Ukraine's Sustainable Development Strategy until 2030, achieving strategic imperatives (EU integration, access to EU and G7 markets, national security). The model includes key components (human capital, Green Deal, digitalization, innovation and research) and has characteristics such as adaptability, variability, dynamism, flexibility, inclusiveness, equal opportunities, EU integration, and innovativeness.

Keywords

model, economic development, economic growth, transformational model, human capital.

JEL classification: O100; O110; DOI: https://doi.org/10.32680/2409-9260-2024-7-8-320-321-51-62

UD classification: 330.341

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