Mechanisms to Ensure the Development of the Economy of the Future in the Context of Global Change

Viktoriya Bozhkova; Ihor Halytsia

doi:10.57125/FEL.2022.06.25.01

Authors

Viktoriya Bozhkova Sumy State Makarenko Pedagogical University, Ukraine https://orcid.org/0000-0002-1557-3819
Ihor Halytsia National University of Food Technologies, Ukraine https://orcid.org/0000-0002-1276-5743

DOI:

https://doi.org/10.57125/FEL.2022.06.25.01

Keywords:

sustainable development, innovation, digitalization, small and medium-sized businesses, startups, public-private partnerships

Abstract

The purpose of this study is to identify the main directions for the formation of mechanisms to ensure the development of the future economy, considering the impact of global economic changes and challenges. The study addresses the need for mechanisms that align with global trends such as sustainable development, digital transformation, and business support while being adaptable to unpredictable changes. The formation of effective mechanisms for future economic development faces several barriers, including the high degree of uncertainty in the modern economic and political environment, globalization processes, and the exacerbation of crisis phenomena. It is crucial to develop mechanisms that can both meet current global trends and remain flexible to adapt to unforeseen changes. The methodology used in this study employed quantitative methods to describe the innovation component of Ukraine's economy. Qualitative methods were used to assess the prospects for the development of the innovation sector. Data sources included the Global Innovation Index, Internet usage statistics, and sustainable development goal achievements. The study determined the degree to which Ukraine has achieved its sustainable development goals, identifying which goals are closest to the desired values. It characterized Ukraine's innovative development through the Global Innovation Index and the percentage of Internet users compared to the European Union. The study established Ukraine's main advantages and obstacles in further innovation development. Additionally, the importance of small and medium-sized businesses (SMEs) for the economy was highlighted, noting their role in employment, innovation, and their adaptive potential under changing operational conditions, including during martial law and military aggression from a neighboring country. The study concludes that effective economic development mechanisms must balance alignment with global trends and the capacity for flexibility in response to unexpected changes. The identified directions and characterized advantages and obstacles provide a framework for future strategies to foster a resilient and innovative economy in Ukraine.

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