Innovative strategies for Ukraine's economic growth in the global context

Abstract

Introduction. In the context of the Russian-Ukrainian war and deteriorating economic performance, it is important for Ukraine to develop an innovative economic development strategy that should focus on several key areas that can ensure the country's competitiveness in the international market and promote Ukraine's economic development in the global context. The purpose of the paper is to identify the necessary directions of development for Ukraine within the framework of an innovative strategy of economic growth in the global context. Results. The paper emphasizes the importance of changing the economic situation of the country from an innovative point of view. In order to achieve economic growth in the global context, it is important to pay attention to the development of five main aspects. The first aspect is the sustainable development of energy resources. This mainly concerns alternative resources for the energy sector. Their sustainable development implies not only environmental and economic benefits, but also social benefits. The second aspect is the diversification of Ukraine's exports by mode of transport, goods and geography. In connection with the Russian-Ukrainian war, road and rail transportation are important. Diversification of raw materials should mainly concern equipment for production and processing of materials in the direction of the United States, Turkey, Georgia, Japan and China. The third aspect of ensuring Ukraine's economic growth in the global context is to ensure leadership in economic development through technology. However, the study found that special attention should be paid to the human factor and the development of digital literacy among the Ukrainian population working in various sectors of the economy. The fourth aspect is the attraction of foreign investment to the national economy. It was found that in the context of the Russian-Ukrainian war there are significant determinants that affect the reduction of investment in Ukraine, but there are also determinants that have a positive effect. The analysis revealed that the most promising sectors for investment are the defense industry, energy, natural resources, agriculture, logistics, infrastructure, manufacturing, pharmaceuticals, and innovative technologies. However, in order to bring investments to the market, such mechanisms as leasing, organization of venture capital companies, creation of free economic zones, joint ventures, creation of multinational companies, establishment of joint stock companies and concessions can be used. The fifth aspect of ensuring Ukraine's economic growth in the global context is the development of the startup ecosystem in Ukraine, which is currently at the initial stage of development. Conclusion. Thus, despite the ongoing war on the territory of Ukraine, the national economy has all the opportunities and prospects for significant and rapid development on the international scale thanks to innovative strategies for the development of certain sectors of the national economy.