Doctor of Economics, Full Professor, Head of the International Economy Department of Kyiv National University of Trade and Economics
FOREIGN ECONOMIC SECTOR OF UKRAINE: REALITIES AND PROSPECTS
Background. The proposed article is devoted to the relevant issue of improving the efficiency of foreign economic sector in Ukraine. Consideration of the problem is based on the analysis of foreign trade, foreign investment and foreign debt.
Review of the latest researches indicates that scientists conduct discussions concerning the perspectives of foreign sector development in Ukraine. However, there is a need to explore the realities and prospects of foreign economic sector.
The aim of the article is assessment of the realities and formation of the prospects of foreign sector of Ukraine.
Materials and methods. Theoretical and methodological basis for study were works of domestic and foreign scientists in the field of economic theory and international trade. Data of the State Statistics Service, National Bank of Ukraine, European Business Association and others served as the statistical information base. The work uses a wide range of general and specialized methods including: methods of analysis, synthesis, synthesis and comparison; historical, statistical and structural analysis and more.
Results. The main trends of foreign sector of Ukraine have been researched. The key problems hindering its efficiency increase have been discovered, among which are the disproportionate distribution of resources, ineffective international specialization, limited geographical structure of foreign trade, dominance of imports in final consumption, export production dependence on imported raw materials, reduced foreign investment. Perspective directions of further development of Ukraine's foreign trade sector and its economy in general are proposed.
Conclusion. Further development of Ukraine's economy can occur in the following scenarios: total transnationalization of economy of Ukraine will lead to the dominance of global corporations in key areas on the one hand, provide the ability to create jobs and contribute to the growth of foreign investment and the loss of the possibility of control over national resources on the other. Under the second scenario, the economy development will be accompanied by the strengthening of the destructive processes, in particular in key export-oriented economic activities through further use of existing production capacities without their modernization adjustment. According to the third (optimistic) scenario, the Association Agreement despite the existence of its supporters and critics still is the best of the available vectors of economic development.
Keywords: foreign sector, foreign trade, economic growth, import dependence, export orientation.
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