ECONOMIC CHALLENGES OF SUSTAINABLE DEVELOPMENT GOALS IN UKRAINE

Abstract

The United Nations 2030 Agenda and its Sustainable Development Goals pose new challenges for Ukrainian businesses, which need to adapt their operations and strategies to the requirements of the SDGs. The purpose of this paper is to highlight the role of economic challenges and business opportunities of the SDGs for the Ukrainian economy. In particular, it assesses whether the SDGs can realistically be achieved after the COVID-19 pandemic and the war with the Russian Federation. Methodology. More generally, the framework allows to assess the macroeconomic coherence with the development strategies of Ukraine. The basic trends of the SDGs for Ukraine are summarized, and the estimation model of the progress in achieving the SDGs is carried out. The impact of the COVID-19 pandemic on the economy of Ukraine is studied. Results. The results show that the economic challenges after the COVID-19 pandemic and the war include ethical, social, financial, and legal aspects that meet the requirements of sustainable development, which is a very high priority for the community in Ukraine. Practical implications. A comparative analysis of the activity of Ukrainian enterprises during quarantine is made on the basis of research data and those for official statistics. Value/originality. According to this study, Ukraine will need 5-7 years to regain the potential lost during the COVID-19 pandemic and the war. The actions of the government and the National Bank of Ukraine continue to support the economic mitigation of the negative effects of the war. The research is based on the economic issues that show how the SDGs can be achieved in the country under different policy scenarios, including modernization of production, development of innovation, increasing export potential, and support from the international community, especially the EU and the US. The assessment of the progress in the implementation of the SDGs in Ukraine showed their significant indicators, such as: The share of exports of goods whose production uses technologies of high and medium-high level in the total exports of goods; Ukraine's position as assessed by the Global Innovation Index; the increase in employment; the creation of institutional and financial capacities for self-realization of the potential of the economically active population and the development of the creative economy; Development of high-quality, reliable, sustainable and accessible infrastructure based on the use of innovative technologies, including environmentally friendly means of transport; ensuring the development of sustainable food production systems that contribute to the preservation of ecosystems and the gradual improvement of the quality of land and soil, primarily through innovative technologies; doubling agricultural productivity, primarily through innovative technologies; mobilization of additional financial resources through the promotion of foreign and domestic investment. Other SDGs showed low improvement and likelihood.