The Ways to Prevent Economy Fall in the Current Conditions

Abstract

Statistical data as to the situation of the contemporary economy were considered. Declines in the indicators of economic development for practically all directions have been specified. Particular attention has been paid to the influence of economic situation on the living standards of population. A detailed analysis of magnitude of the minimum wage in the the European Union Member States has been carried out, on results of which it is concluded that, in order to enlarge it, it would be necessary to create an enabling environment for business together with and drastic actions to counter corruption. Comparative data on the dynamics of development of industry and agriculture in the period of 2008-2016 have been provided. Use of re-innovation as an effective way of developing the economy has been substantiated, and the basic ways to prevent economy fall have been formulated.

Keywords

• living standard
• minimum wage
• de-industrialization
• innovation
• re-innovation