MANAGEMENT OF THE SECTORAL COMPOSITION OF THE ECONOMY IN TRANSFORMATIONAL COUNTRIES

Authors

  • Olga Sokolova University of the State Fiscal Service of Ukraine

DOI:

https://doi.org/10.36690/2674-5208-2021-3-69

Keywords:

sectoral composition, management of sectoral composition of economy, regulation of sectoral proportions, innovative model of development, smart specialization, transformational countries

Abstract

The investigation of the management of the economy’s sectoral composition in transformational countries requires substantiation for the development of priority sectors of economic growth. The industries with the largest share of value added are a top-priority in terms of the use of state management and regulatory tools; consequently, they require the introduction of an innovative model of development. The purpose of the academic paper lies in identifying the features of the management of the economy’s sectoral composition in transformational countries, revealing the best practices and formulating proposals for their adaptation in Ukraine. The object of the research is the management of the sectoral composition of the Ukraine’s economy in 2015-2019. The research methodology is based on quantitative design and statistical analysis of the sectoral composition with application of data from the State Statistics Service of Ukraine on costs and output of various economic sectors in 2015-2019. The results demonstrate the stability of output share by the secondary and tertiary sectors (total share 78%), a decrease in the output of the primary sector (share 16%); growth of gross value added share and the wages share formed in the tertiary sector (from 51% to 54% of GVA and 49% to 54% of wages). The academic paper has identified the transition of Ukraine from industrial to post-industrial direction of economic development and the consumer model due to a high share of consumer expenditures in the tertiary sector (44-43%), the raw material-based structure of the economy. It has been established that capital accumulation occurs only in the secondary sector, and the accumulation rate of 33% indicates the potential for composition modernization. The practical effect of the scientific work lies in the formation of proposals for the management of the sectoral composition of the Ukrainian economy with an emphasis on the introduction of tools for the technological development of the secondary sector and stimulation the tertiary sector’s innovative services for their transfer to other sectors of the economy.

Author Biography

Olga Sokolova, University of the State Fiscal Service of Ukraine

Ph.D. in Economics, Associate Professor of the Department of Enterprise Economics, University of the State Fiscal Service of Ukraine, Irpin, Ukraine

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Published

2021-09-30

How to Cite

Sokolova, O. (2021). MANAGEMENT OF THE SECTORAL COMPOSITION OF THE ECONOMY IN TRANSFORMATIONAL COUNTRIES. Economics, Finance and Management Review, (3), 69–78. https://doi.org/10.36690/2674-5208-2021-3-69

Issue

Section

Chapter 3. Modern management technologies