PRIORITY VECTORS FOR THE MODERNIZATION OF THE UKRAINIAN ECONOMY

Abstract

In the article, the need for Ukraine’s economy modernization based on the new development paradigm founded on the creative component is justified. The article is highlighted the concept of the new development paradigm and its central elements are identified – creativity, knowledge, and access to information – which are powerful engines that stimulate economic growth and promote development in a globalized world. Taking into account world experience, it was found that in selecting the creative type of modernization, the priority spheres of economic development should be the processing industry and creative sectors of material production and services. Based on the analysis of the state of these spheres in Ukraine, it is defined priority vectors of economic modernization – structural transformation of the production structure, the development at a new technological basis of a powerful manufacturing and, above all those industries in which Ukraine has competitive advantages, as well as the development of the creative sector of the economy. The implementation of these areas will allow Ukraine to act "on an equal footing" in the system of world economic relations, will help reduce the import dependence on the supply of high-tech products and ensure a high level of productive employment. It is justified that modernization presupposes, first of all, building a new society in which effective economic, political and social institutions operate that ensure a steady progressive development of all spheres of public life. In that context, the socio-mental and institutional conditions of modernization are considered. Substantial reform of the power and economic relations, the provision of real economic freedom and the protection of rights, the overcoming of the bureaucratic and corrupt administrative system, which will ensure the unblocking of the creative and entrepreneurial initiative are essential for Ukraine.