International Standards of Inclusive Growth as a Basis for Shaping an Efficient Economic Policy of the State

Abstract

In some ways, the article summarizes the author’s work in the field of inte- grated assessment of the state and dynamics of Ukraine’s economic develop- ment. Summarizing the longitudinal research, the authors present the goal of the article as a conceptual definition of inclusive growth in the format of its interpreta- tion by influential international organizations, assessing the conformity of the state of the economy and social sphere of Ukraine to the standards of inclusive growth, and determining on this basis public policy measures, the implementation of which will help overcome crises in the country’s economy and counteracting the main global challenges of modern civilization. The most significant interest is the analysis of new approaches to counter- acting these challenges, developed by the international community in the format of implementing the concept of inclusive growth. These approaches are most concentrated in the program document of the OECD Council, which was named New Approaches to Economic Challenges, – NAEC. This document forms an important system process aimed at the devel- opment and consistent improvement of tools and analytical work that should be used by international organizations and governments of certain countries to re- solve the issues identified above. In the article by using the component principal analysis, the methodology of assessing the state of the economy and social sphere of Ukraine was im- proved, and an analysis was made of the compliance of this state with interna- tional standards of inclusive growth. The result of the analysis is an important conceptual conclusion about the discrepancy of the current model of Ukraine’s economic development with the challenges of our time, which in turn leads to a state of the Ukrainian economy and social sphere that are characterized by pathological and toxic features. The result of the multi-vector assessment of the state of the Ukrainian economy is practical guidance on the improvement of state economic policy, the implementation of which, in the authors’ opinion, will contribute to the achieve- ment of standards of permanent inclusive growth.