Abstract

The aim of the article. The aim of the article is devoted to identify opportunities of supporting the economic sovereignty under conditions of economic openness. Consideration of the problem is based on the study of Ukraine’s economy indicators and its external sector. The results of the analysis. Review of the latest researches in this area indicates that scientists conducted discussions on categories of «economic sovereignty» and «economic security». In most existing works the problem of economic sovereignty in the context of economyэы integration and globalization is investigated. However, there is a need to explore opportunities and trends to ensure economic sovereignty in the context of trade relations between the countries. The scientific literature on the subject of the interpretation of the term «economic sovereignty» and «economic security» has been analyzed. The key determinants of economic sovereignty transformation, including the integration and globalization deepening, the free trade expansion, foreign trade liberalization and the economy transnationalization are researched. The criterias of economic sovereignty in the era of globalization, such as competitiveness, innovation and diversification are proved. The indicators of Ukraine’s economy and its external sector which indicate the possibility to provide the economic sovereignty of the country are analyzed. The Global Competitiveness Index of Ukraine is characterized and the dynamics of its main components are given. The key foreign trade factors that affect macroeconomic stability in Ukraine are formulated. The measures which will increase the competitiveness of our country and improve conditions for the preservation of economic sovereignty were offered. Conclusions and directions of further researches. Thus, it may be noted that in addition to limiting impact of Ukraine’s cooperation with international organizations, national sovereignty is shrinking due to high external openness of the economy, enterprises weak innovative activity and products low competitiveness. Indicators of socio-economic development of Ukraine point out the inappropriate competitive environment and low growth possibilities without significant institutional and structural reform. Current situation shows that it is impossible to increase the level of Ukraine’s competitiveness without significant institutional and structural reforms.

Keywords: economic sovereignty, external sector, national economy, openness of economy, liberalization, economic growth, competitiveness

JEL Classification: F02, F13, F49, F52.

Cite as: Melnik, T. (2015). The economic sovereignty support under the conditions of economy’s openness. Marketing and Management of Innovations, 1, 147-157. https://doi.org/10.21272/mmi.2015.1-12

This work is licensed under a Creative Commons Attribution 4.0 International License

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