Economic Assessment of Resource Allocation Strategies in Ukraine

Authors

DOI:

https://doi.org/10.58423/2786-6742/2024-6-176-191

Keywords:

resource allocation, economic assessment, Ukraine, policy recommendations, regional development, economic growth, social equity, comparative analysis

Abstract

This study aims to conduct a comprehensive economic assessment of resource allocation strategies in Ukraine, evaluating their effectiveness, efficiency, and equity. The analysis begins with an overview of Ukraine's economic landscape and the importance of resource allocation in promoting national development. The research highlights the current policies and mechanisms used by the Ukrainian government for resource distribution across various sectors and regions, assessing their alignment with national economic goals and development plans. Methodologically, the study employs a mixed-method approach, utilizing secondary data from government reports, economic databases, and academic publications. Statistical analysis, economic modeling, and comparative analysis are used to evaluate the impact of existing resource allocation strategies on economic growth, productivity, and regional development. The analysis also includes an assessment of the equity and fairness of resource distribution among different regions and population groups. The results indicate that while current resource allocation strategies in Ukraine have contributed to certain areas of economic growth, significant disparities remain in regional development and sectoral productivity. The study identifies inefficiencies and structural challenges that hinder optimal resource utilization and highlights the social implications of unequal resource distribution. Comparative analysis with other countries reveals best practices that could be adapted to enhance Ukraine's resource allocation framework. The study delves into the political, economic, and social factors affecting resource allocation in Ukraine. It identifies key constraints, such as political instability, economic pressures, and social challenges, that impede effective resource management. The study underscores the necessity for comprehensive policy reforms and adaptive strategies to address these constraints. The conclusion presents actionable policy recommendations aimed at improving the efficiency and equity of resource allocation in Ukraine. These recommendations include sector-specific strategies and an implementation framework designed to support sustainable economic development. By achieving its objectives, the study contributes to a deeper understanding of the dynamics of resource allocation in Ukraine and provides a foundation for more effective and equitable economic policies.

Author Biographies

Ihor Rekunenko, Sumy State University

Doctor of Economics, Professor

Dmytro Cherednichenko, Sumy State University

PhD student

References

Battistelli, F., & Galantino, M. G. (2019). Dangers, risks and threats: An alternative conceptualization to the catch-all concept of risk. Current Sociology, 67(1), 64–78. https://doi.org/10.1177/0011392118793675. DOI: https://doi.org/10.1177/0011392118793675

Chentukov, Y., Marena, T., & Zakharova, O. (2021). Debt security of CEE countries: Actual approaches and methods of evaluation. Przeglad Strategiczny, 14, 75-91. https://doi.org/10.14746/ps.2021.1.5. DOI: https://doi.org/10.14746/ps.2021.1.5

Decree of the President of Ukraine No. 347/2021 of August 11, 2021 on the decision of the National Security and Defense Council of Ukraine dated August 11, 2021 «On strategy of economic security of Ukraine up to 2025» [in Ukrainian]. https://zakon.rada.gov.ua/laws/show/347/2021#Text.

Decree of the President of Ukraine No. 392/2020 of September 14, 2022 on the decision of the National Security and Defense Council of Ukraine dated September 14, 2020 «On strategy of economic security of Ukraine» [in Ukrainian]. https://www.president.gov.ua/documents/3922020-35037.

Elgin, C., Kose, M. A., Ohnsorge, F., & Yu., S. (2021). Understanding informality. (CERP Discussion Paper 16497). Centre for Economic Policy Research. https://www.worldbank.org/en/research/brief/informal-economy-database.

Hrybinenko, O. (2020). International economic security in the context of sustainable development [in Ukrainian]. Seredniak T.K.

Hrybinenko, O., Bulatova, O., & Zakharova, O. (2020). Evaluation of demographic component of countries’ economic security. Business, Management and Economics Engineering, 18(2), 307-330. https://doi.org/ 10.3846/jbem.2020.12309. DOI: https://doi.org/10.3846/jbem.2020.12309

Heyerdahl, A. (2022). Risk assessment without the risk? A controversy about security and risk in Norway. Journal of Risk Research, 25(2), 252-267, https://doi.org/10.1080/13669877.2021.1936610. DOI: https://doi.org/10.1080/13669877.2021.1936610

Iefimova, G., Labartkava, A., & Pashchenko, O. (2020). Methodical support of assessment of the development of economic security of the region. Baltic Journal of Economic Studies, 6(5), 113-117. https://doi.org/10.30525/2256-0742/2020-6-5-113-117. DOI: https://doi.org/10.30525/2256-0742/2020-6-5-113-117

International Monetary Fund. (2024). The World Economic Outlook Database [Interactive Database]. https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/index.аspx (accessed May 19, 2024).

Kyzym, M., Ivanov, Yu., & Hubarieva, I. (2018). Evaluation of the level of economic security of Ukraine and EU countries [in Ukrainian]. Finansy Ukrainy, 4, 7-18. http://nbuv.gov.ua/UJRN/Fu_2018_4_3.

Kravchuk, P. Ya. (Ed.). (2020). International economic security of Ukraine: Theory, methodology, practice [in Ukrainian]. IVV Lutskoho NTU.

Lishchynskyi, I., & Lyzun, M. (2020). Conceptual visions of regional and global security [in Ukrainian]. Herald of Economics, 2, 148-161. https://doi.org/10.35774/visnyk2020.02.148. DOI: https://doi.org/10.35774/visnyk2020.02.148

Medina, L., & Schneider, F. (2021). The evolution of shadow economies through the 21st century. In C. Delechat & L. Medina (Eds.), The global informal workforce: Priorities for inclusive growth (pp. 11-70). International Monetary Fund. https://www.imf.org/en/Publications/Books/Issues/2021/09/22/The-GlobalInformal-Workforce-49719.

Ministry of Economy of Ukraine. (2020). Macroeconomic analysis and forecasting [in Ukrainian]. https://cutt.ly/hhZEKR4.

Mogyorósi, M., Máténé Bella, K., Ritzlné Kazimir, І., & Cseh, T. (2022). Measurement of economic insecurity in the European Union between 2005 and 2020. Paper prepared for the 37th IARIW General Conference August 22- 26, 2022. https://iariw.org/wp-content/uploads/2022/08/Mogyorosi-et-alIARIW-2022.pdf.

National Bank of Ukraine. (2021). Inflation report [in Ukrainian]. https://bank.gov.ua/ua/news/all/ukrayinska-ekonomika-u-20212023-rokahzrostatime-tempami-na-rivni-blizko-4-a-inflyatsiya-pochne-spovilnyuvatisyavoseni-2021-roku--inflyatsiyniy-zvit.

National Bank of Ukraine. (2023). Inflation report [in Ukrainian]. https://bank.gov.ua/admin_uploads/article/IR_2023-Q1.pdf?v=4.

Order of the Ministry of Economic Development and Trade of Ukraine No. 1277 of October 29, 2013 on approving methodical recommendations on calculating the level of economic security of Ukraine [in Ukrainian] https://zakon.rada.gov.ua/rada/show/v1277731-13#n9.

Osaulenko, О., Yatsenko, О., Reznikova, N., Rusak, D., & Nitsenko, V. (2020). The productive capacity of countries through the prism of sustainable development goals: Challenges to international economic security and to competitiveness. Financial and credit activity problems of theory and practice, 2(33), 492-499. https://doi.org/10.18371/fcaptp.v2i33.207214. DOI: https://doi.org/10.18371/fcaptp.v2i33.207214

Reznikova, O. (2022). National resilience in a changing security environment [in Ukrainian]. National Institute for Strategic Studies. https://doi.org/10.53679/NISS-book.2022.01. DOI: https://doi.org/10.53679/NISS-book.2022.01

Schneider, F. (2022). New COVID‑related results for estimating the shadow economy in the global economy in 2021 and 2022. International Economics and Economic Policy, 19, 299–313. https://doi.org/10.1007/s10368-022-00537-6. DOI: https://doi.org/10.1007/s10368-022-00537-6

The World Bank. (2024). World Bank Open Data [Interactive Database]. https://data.worldbank.org/ (accessed May 19, 2024).

UNCTADStat. (2024). All datasets [Interactive Database]. https://unctadstat.unctad.org/EN/ (accessed May 19, 2024).

World Economic Forum. (2022). The Global Risks Report 2022. http://surl.li/dpodc (accessed May 19, 2024).

WIPO. (2021). Global Innovation Index. https://www.wipo.int/global_innovation_ index/en/ (accessed May 19, 2024).

Downloads

Published

2024-07-09

Issue

Section

Economics and management