Economic development: prospects for growth and today’s realities

Abstract

The aim of the articleis to analyse the current state of the economy, to review positive and negative trends for further economic growth, and to determine an effective strategy for the development of the economy on this basis. The subject of the studyis economic development, prospects for development and the realities of the present. Methodology. The analysis of scientific literature enables to analyse the current economic status and to determine strategic priorities and goals of economic development; in addition, the dialectical method, scientific abstraction, methods of system analysis are used. The results of the studyreveal that the implementation of foreign experience during the development of the national economy enables to solve a number of key economic problems that hinder the development of the national economy. The main positive stages of economic development over the last five years are outlined. The study states that an increase in the share of high-tech and innovation sector requires a complex structural transformation of the economy at present. Practical implications. Moreover, the status and determining trends of economic development, considering threats and risks associated with crisis processes in the modern world, are analysed. The main principles of the formation and implementation of the economic development strategy based on the coordination of strategic priorities and strategic objectives of the EU, as well as the need to reform the economic sector to improve promising spheres of the economy, are determined. Relevance/ originality.The study reveals the state of affairs in the economic system, as well as promising trends of the economy, are identified and further developed.