INCLUSIVE GROWTH AS A BASIS FOR COUNTERING THE GLOBAL CHALLENGES OF NOWADAYS

Abstract

To some extent, the article generalizes the results of the author’s research on the integrated assessment of the current state and dynamics of Ukraine’s economic development. Summarizing these long-term studies, the author: (i) formulates the inclusive growth conceptual definition in the format of ideological interpretation done by the international organizations; (ii) assessed the current state of Ukraine’s economy in the context of its compliance to the inclusive growth international standards, and (iii) developed the state policy measures, which implementation would help to overcome the crisis phenomena in the country’s economy and counteract the global challenges of nowadays. New approaches, developed by the international community in the format of implementation of the concept of inclusive growth to counter these challenges, are analyzed. These approaches are most concentrated in the OECD Council Program paper “New Approaches to Economic Challenges” (NAEC). The document formulates an important system process aimed at developing and consistent improving the analytical activities and tools to be used by international organizations and governments of individual countries to address the issues outlined above. Using the main components statistical method, the methodology for assessing the current state of Ukraine’s economy is improved and analysis of its compliance with international standards of inclusive development is carried out. According to the analysis results, an important conceptual conclusion regarding the existing state of economic behavior of Ukraine is made. It is proved that the current model of economic behavior in Ukraine does not correspond to the challenges of nowadays, which, in turn, leads to such a state of Ukraine’s economy, which is characterized by signs of pathological and toxicity. Theoretical definition of these economic concepts is presented. As a result of the multidimensional assessment of Ukraine’s economy, practical recommendations for improving the state economic policy are developed. It is also proved that implementation of these recommendations would contribute to the achievement of the standards of sustainable inclusive development.