Directions for Strengthening the Financial and Economic Security of Ukraine in the Context of the Covid-19 Pandemic

Abstract

The financial and economic system of Ukraine is at the stage of formation and transformation into a relatively effective market-oriented model of economic development. However, given the financial and socio-economic crises of recent years, political instability and military conflicts in the east of the country, the level of financial and economic security of Ukraine is declining. Another factor influencing the level of financial and economic security of Ukraine is the spread of the global pandemic COVID-19. The urgency of the issue confirms the goal set in the article to improve the theoretical, scientific, methodological, and applied provisions for strengthening the financial and economic security of Ukraine in the context of the global pandemic COVID-19. To achieve this goal, the authors of the study considered the impact of the COVID-19 pandemic on global financial and economic development, in particular, analyzed key financial and economic indicators in the world, which revealed the volatility of stock indices and interest rates. The main negative changes in the level of unemployment in the world and real GDP under the influence of the COVID-19 pandemic was also analyzed and identified. The authors studied the world experience in combating the spread of the COVID-19 pandemic and developed a set of measures to improve the financial and economic security of Ukraine in the context of the COVID-19 pandemic. The priority is to preserve economic potential, social capital and create on their basis the preconditions for further economic growth. As the COVID-19 pandemic is one of the main problems of financial and economic security management in Ukraine, the authors identify a set of urgent crisis measures that can be implemented in the field of NBU policy, monetary policy, government structural policy, and public fiscal policy to support the economic growth of the country. It is emphasized that public authorities need to implement certain measures to accelerate innovation in the financial sector. Characterizing the prospects of strengthening the financial and economic security of Ukraine in the context of the COVID-19 pandemic, the main emphasis is on innovative areas of digitalization of the economy.