Problems of Development of Economic Security in Ukraine: Challenges and Opportunities

ABSTRACT

The current state of Ukraine's economic security in connection with Russian aggression requires a detailed analysis and research, primarily for several reasons a more detailed understanding of the socio-economic processes taking place in the middle of the state, and the identification of losses and risks for the global economy of the world. The purpose of the article is to analyze the prospects for stable economic development and economic security in the state under modern Ukrainian realities. In the results, the main threats and challenges that threaten economic security and hypothetical ways of overcoming them are analyzed first of all. In particular, the causes of the negative state of the Ukrainian economic system were established and investigated. We are talking about a long economic crisis, caused both by the military destruction carried out by the Russian regime and by the decrease in business activity due to the COVID-19 pandemic. Important factors were the uncontrolled growth of the budget deficit, which as a result of military actions crossed a critical line, opacity and corruption schemes in the economy, which led to significant financial frauds, illogicality and inconsistency of government reforms. Current threats remain the outdated technical and material production bases of the leading branches of the economy, an imperfect legislative framework that needs significant updating, the fragmentation, and imperfection of Ukraine's laws, environmental problems caused by the war, a complex demographic situation in the country, brain drain, etc. The conclusions concluded that the important ways to stabilize the difficult situation are the emphasis on the continuation of export and production of agricultural products, the well-founded importance of military orders for the heavy industry of Ukraine, and attention drawn to the need for reforming and improving legislative and current program documents that regulate economic and financial activities (in particular, the Law of Ukraine "On the Fundamentals of Financial Security", "Economic Security Strategies of Ukraine for the period up to 2025", etc.).