UKRAINE IN THE DIMENSIONS OF INCLUSIVENESS AND INSTITUTIONAL DEVELOPMENT

Abstract

The article considers analytical dimensions of traditional and inclusive economic growth, development and functioning of institutions in the process of actualization of value shift in society and change of economic transformations goal from economic growth as such to qualitative changes in the structure of a new spectrum of economic processes that play decisive and nowadays even vital role. Ukraine's place in this coordinate system was determined, and high untapped potential for inclusive development of the country was revealed. It is quite possible to restructure Ukraine's economic and social processes, even at the current level of GDP, in such a way as to ensure significantly higher rates of structural changes promoting inclusiveness. The means of preserving the predominantly extractive structure of the economy are outlined. It is substantiated that the problem of inequality is becoming more and more acute and is growing from economic (in terms of income and wealth) issue into a matter of education, health care, etc. However, a simple increase in the average level of GDP per capita will not automatically solve the issues, because these are structural problems that need coverage and attention from a completely different angle. The priority of implementation the structural reforms to increase the level of inclusiveness of institutions in key areas in the long term is argued. The greatest potential for the formation of inclusive society as a basis for ensuring a new quality of economic growth in Ukraine is contained in the Sustainable Development Goals 8 and 5, the combination of which creates a synergistic effect. In order to increase the level of inclusiveness of institutions, certain changes in the legislation are needed regarding anti-corruption institutions, the Tax Code of Ukraine, gender issues, approaches to rent distribution, oligarchic corporations, Big Tech activities in the country and many other issues. However, the main problem in Ukraine is not so much the laws as their implementation, because the rules should work, not the recommendations.