The Comparative Analyses of the Economic Development of Ukraine and the Member States of the European Union

Abstract

The article is concerned with the topical issues of forming the main priorities of Ukraine’s socio-economic development, taking into account the experience of developed European countries as the main strategic guide line out of the crisis. The author carries out a comparative analysis of the socio-economic and political formation of Ukraine for the period 1991-2019. It is concluded that at the stage of its statehood formation Ukraine used one of the most ineffective models of transformation of economic systems among all post-socialist countries. A comparative analysis of the main indicative indicators of the efficiency of macro-economic, socio-demographic, foreign economic policy of Ukraine and the European Union countries is carried out. It is noted that a significant competitive advantage of the Ukrainian economy is a fairly high share of agricultural land, which makes it possible for Ukraine to become one of the world leaders in this market. The main priorities of reforming Ukraine’s economic system, taking into account the experience of European countries, are substantiated: developing a highly effective policy of re-immigration; promoting the establishment of regional centers for development of science and education; elaborating measures to increase the share of high-tech exports; reducing the openness of the economy through import substitution policies; restoring the national production, industrialization of the economy. The main directions of cooperation between Ukraine, the European Union, the European financial institutions with the purpose of mutually beneficial bilateral trade and increased access to financing are outlined.

Keywords

• comparative analysis
• socio-economic development
• the european union
• international ratings
• development indicators
• international trade