scholarly journals SOCIO-ECONOMIC DEVELOPMENT AND INVESTMENT INNOVATIVE ACTIVITY OF BUSINESS ENTITIES ON THE EXAMPLE OF THE BLACK SEA REGION OF UKRAINE

2021 ◽  
Author(s):  
Oleksii Kulakov
Keyword(s):  
Economic Development ◽  
Black Sea ◽  
Local Governments ◽  
Capital Investment ◽  
Fiscal Decentralization ◽  
The Black Sea ◽  
Gross Regional Product ◽  
Foreign Investments ◽  
Black Sea Region ◽  
Regional Product

Different countries invest in the Ukrainian economy by investing in regional development programs, various enterprises and so on. Investments develop the Ukrainian economy by improving the economic environment, upgrading infrastructure, improving public authorities, improving the humanitarian situation, supporting small and medium-sized enterprises, introducing resource and energy-saving technologies, strengthening human rights, training workers and more. It is extremely important to intensify foreign investment in the Black Sea (southern) Region. The study shows the importance of fiscal decentralization, which is often a weak or even absent link of decentralization. One of the most common problems of fiscal decentralization is the mismatch between the responsibilities of local governments and the resources available to local governments. Thus, a well-organized system of fiscal decentralization is vital to the success of the decentralization process. It was found that most foreign direct investment in Donetsk and Odessa regions, which indicates the development of investment attractiveness of the Black Sea region of Ukraine. But in the Mykolaiv and Kherson regions there are less direct foreign investments that needs increase of investment attractiveness of the Black Sea Region of Ukraine. It is analyzed that the best indicators of capital investment in Donetsk and Odessa regions, which indicate the attraction of capital investment in the economy of the Black Sea Region of Ukraine. In Mykolaiv and Kherson oblasts there are small volumes of capital investments, which demonstrate insufficient investment efficiency and it is necessary to increase the efficiency of investment projects implementation. It is investigated that the best indicators of gross regional product in Donetsk and Odessa regions, which show the development of the economy of the Black Sea region of Ukraine. In Mykolaiv and Kherson regions, the volumes of gross regional product are smaller, which show insufficient economic development and it is necessary to support small and medium business, attract new foreign investments, raise the image of the Black Sea Region of Ukraine, etc.

scholarly journals PROBLEMS OF ECONOMIC DEVELOPMENT AND ATTRACTION OF FOREIGN INVESTMENT IN THE COUNTRIES OF THE BLACK SEA REGION

2019 ◽  
Vol 21 (3(72)) ◽  
pp. 107-116
Author(s):  
I.A. PLIUSHCHYK ◽  
R.P. OHORODNYK
Keyword(s):  
Economic Development ◽  
Black Sea ◽  
Economic Activity ◽  
The Black Sea ◽  
Investment Climate ◽  
Foreign Investments ◽  
Investment Activity ◽  
Black Sea Region ◽  
The World ◽  
Business Opportunities

Topicality. The importance of using new opportunities for economic development, sustainability and connectivity in the region and beyond is enhanced in terms of the growing strategic importance of the Black Sea region for the EU. Investments are the basis of socio-economic development of the region. Investments related to the deepest foundations of economic activity, they determine the process of economic growth in general. In modern conditions, they are the most important tool of ensuring the conditions for the overcoming the economic crisis, for structural changes in the countries, for the growth of technological progress, for the improvement of quality indicators of economic activity at micro and macro levels. Aim and tasks. The purpose of the article is to identify the problems of economic development and the associated features of attracting foreign investment in the Black Sea region. Research results. The basic social and economic indicators of the Black Sea region - GDP (GDP), the index of human development, the population, the share of comparison is used to determine the structure and dynamics of incoming and outgoing flows volumes of direct foreign investments regional GDP in the world, are determined, the strategic importance is emphasized on the geopolitical map of the world of the Black Sea region, according the current political and economic challenges in Asian-European relations, dynamics and structure of incoming and outgoing investments of the countries of the region over the last nine years are defined. On this basis was concluded about the significant drop in investment activity in the region since 2014. A list of the main reasons for the decline in investment activity in the region is formed and relationship with the general indicators of economic development of the region is defined. The connection of problems of economic development and attraction of foreign investments to the countries of the Black Sea region is substantiated, which, unlike the existing approach, covers the participants of the whole region, and not a separate country. Approaches to the joint solution of investment problems of the countries of the Black Sea region are developed, which, unlike the existing ones, provide a synergistic effect and greater attractiveness for investors. Research results can be used by enterprises in attracting investment in cross-border projects, also can be used by intergovernmental groups to formulate strategies for joint provision of investment attractiveness of regional programs, can be used by participants in joint enterprises of the Black Sea region. Conclusion. The countries of the Black Sea region are heterogeneous in their economic indicators, thet are belonging to various economic and geopolitical associations. There are explicit leaders among the countries - Russia and Turkey, which have different geopolitical interests in the region and are not able to become a unifying factor in the region. For several years, the Black Sea region is not in the sight of international investors, and all Black Sea countries must work together to become investment attractive again. China's investment interests are identified in a region that does not hold back political commitments to any of the countries in the region. Business opportunities are the most powerful determinants of FDI.. But the particularities of the investment climate, such as strong institutions and regulatory instruments, are also important for developing countries and countries with economies in transition which looking for attraction of additional FDI. With a poor regional investment climate, foreign investors and their host economies may not be able to take full advantage of business opportunities created by market size and growth potential.

scholarly journals IMPACT OF THE DEVELOPMENT LEVEL OF THE BLACK SEA REGION ON THE DIRECTIONS OF IMPLEMENTATION OF FISCAL POLICY

2017 ◽  
pp. 299-306
Author(s):  
Inna Irtyshcheva ◽  
Dmytro Krylenko
Keyword(s):  
Economic Growth ◽  
Fiscal Policy ◽  
Black Sea ◽  
Fiscal Decentralization ◽  
Economic Security ◽  
The Black Sea ◽  
Black Sea Region ◽  
Stage Of Development ◽  
The Social ◽  
Local Budget

The influence of the level of development of the Black Sea region (on the example of Mykolaiv, Odessa and Kherson regions) on the directions of implementation of the fiscal policy of the state is investigated. The results of the analysis prove that the most favourable conditions for economic activity in the Black Sea region have been created. High-quality service of payers and good business attitude to paying taxes are provided. The key to economic stability and economic security is the high level of responsibility of business in the region. Improvement of conditions for doing business has led to the increase in the revenue side of the region and to the increase in revenues to the local budget. It has provided an opportunity for local governments to allocate additional funds to finance the social and cultural sphere of the population and residents of the region. It is proved that the indicator of budget revenues of communities is not an instant indicator of recovery of economic growth. Local budget revenues are influenced by the following factors: inflation, rising nominal wages, direct state support (transfers), fiscal decentralization. Extending the rights of regional local authorities and transferring them with a number of powers will stimulate the development of industry and small businesses. Only in this case it will be possible to observe an increase in the share of own and fixed sources of income in local budgets and a decrease in the share of transfers. It is determined that strategic regional economic growth in the process of implementation of fiscal policy should reach its main goal - it is the increase in the revenues and powers of the regions, and hence the improvement of the social and economic situation. At the current stage of development of the fiscal system it is necessary to decentralize not only expenditures, but also incomes; to reduce regional disparities and ensure the economic development of the regions; to establish a transparent process of fiscal equalization to eliminate regional imbalances; to provide the transparent and controlled funding system.

scholarly journals FINANCIAL MECHANISM OF THE SOCIO-ORIENTED ECONOMIC DEVELOPMENT OF THE BLACK SEA REGION

2018 ◽  
Vol 4 (4) ◽  
pp. 202-208
Author(s):  
Marianna Stehnei ◽  
Inna Irtysheva ◽  
Olena Gurina
Keyword(s):  
Economic Development ◽  
Social Development ◽  
Social Services ◽  
Black Sea ◽  
The Black Sea ◽  
Black Sea Region ◽  
Social Sphere ◽  
Regional Budget ◽  
The Social ◽  
Financial Mechanism

The aim of the article is to study the current state of financial provision of the social sphere of the Black Sea region and to develop practical recommendations for its optimization in conditions of decentralization processes. Methodology. We have made a generalization of the theoretical provisions of the financial mechanism of the social sphere of the region. We propose to investigate the financial mechanism of the social sphere of the Black Sea region by means of analysis of indicators of income and expenditure parts of the budget of regions of the Black Sea region. At the present stage of the gradual transformation of the socio-economic development of the regions and in the context of the implementation of the budget decentralization reform, a number of acute problems from the financial support of social development, the guarantee of social standards for the population, and the improvement of the quality of social services arose. The solution of these problems needs a substantial research in the direction of developing the best models for financing social development of the regions, which will promote the achievement of decent social standards and stimulate economic growth. The financial mechanism for providing social development of the Black Sea region is analysed, the current state of the regional budget in terms and trends in financing social expenditures of the region is identified. It is determined that despite the increase in tax revenues, local authorities still do not have sufficient financial resources to perform their functions and tasks. It adversely affects the development of social infrastructure, provision of social services, and does not contribute to the effective human development, which serves not only as the main goal but also as a key determinant of the economic development of the region. It is substantiated that in order to improve the situation in the social sphere of the region, it is necessary to improve the financial mechanism of social security. On the basis of the investigated scientific approaches, the concept of “mechanism of the financial provision of socially-oriented regional development” is clarified, directions of budget and extrabudgetary financing of social expenditures are substantiated, and proposals on the improvement of financial management of social sphere in the conditions of decentralization are developed. Results. To improve the system of financial provision of social development of the region, it was proposed to establish clear and transparent financial relations in the areas of income generation and distribution of regional budget expenditures at all levels, to create conditions for additional attraction of financial resources from extrabudgetary sources aimed at the implementation of regional social programs, and to form an effective system control over the functioning of the financial mechanism, primarily on the part of the territorial communities. Value/originality. The concept of the mechanism of the financial provision of socially-oriented regional development is generalized. An estimation of the social sphere of the Black Sea region is carried out on the basis of the analysis of indicators of income and expenditure parts of budgets of regions of the Black Sea region, the use of which allows determining the perspective directions of the social sphere of the Black Sea region.

scholarly journals ANALYTICAL ESTIMATION OF SOCIO-ECONOMIC DEVELOPMENT OF THE BLACK SEA REGION

2021 ◽  
Author(s):  
Olena Ivanenko ◽  
Myron Zhuravel
Keyword(s):  
Economic Development ◽  
Black Sea ◽  
Economic Activity ◽  
Climatic Conditions ◽  
Retail Trade ◽  
Motor Vehicles ◽  
The Black Sea ◽  
Black Sea Region ◽  
Socio Economic Development ◽  
Analytical Estimation

The article analyzes the level of socio-economic development of the Black Sea region, which is determined by the structure of the economy, which has a direct impact on the dominance of a particular type of economic activity. A statistical analysis of the structure of the economy of the Black Sea region on the basis of grouped data by type of economic activity for the period 2013-2019 by indicators: the number of enterprises; number of employees at enterprises; pre-tax financial results; volume of sold products (goods, services) of enterprises. The rating assessment of types of economic activity of the regions of the Black Sea region according to the structure of the Classifier of Types of Economic Activity in 2019 is constructed. The priority types of economic activity of the regions of the region are revealed. Particular attention is paid to cost indicators that characterize the volume of production and income of enterprises in the region, the definition of factors that affect the development of each activity in the region. This is necessary because the description of the structure of the region's economy for each of these indicators will be different, and this necessitates a comparison of the structure of the economy of regions located in the same natural and climatic conditions, similar in historical development with the same administrative-territorial division. The results of the structural analysis showed that the dominant classifiers of economic activity in the Black Sea region are agriculture, forestry and fisheries; wholesale and retail trade and repair of motor vehicles and motorcycles; industry; transport, warehousing, postal and courier activities. At the same time, a significant share of agriculture, forestry and fisheries in Mykolayiv and Kherson oblasts significantly exceeds the rest in terms of the number of enterprises in the industry and employees. Kherson region is also significantly distinguished by the financial results of enterprises in the region, which receive income from agriculture at the level of 67.7%. In the Odessa region, the transport industry prevails, namely logistics and warehousing. Thus, it can be argued that the Black Sea region has significant development potential in priority areas.

The economy of the Chukotka Autonomous Okrug: On the path from monodependence to diversification

2020 ◽  
Vol 18 (4) ◽  
pp. 662-674
Author(s):  
S.G. Serikov
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
Gross Regional Product ◽  
Key Factors ◽  
Economic Problems ◽  
Analysis Methods ◽  
Socio Economic Development ◽  
Regional Product ◽  
Statistical Analysis Methods

Subject. This article explores the changes in the economic development of the Chukotka Autonomous Okrug during the Soviet and post-Soviet periods. Objectives. The article aims to identify trends and features of the socio-economic development of the Chukotka Autonomous Okrug. Methods. For the study, I used the comparative, computational, constructive, and statistical analysis methods. Results. The article reveals key factors in the growth of the Chukotka Autonomous Okrug's gross regional product and the economic challenges to the region. As well, the article considers and proposes some possible options for further socio-economic development of the Okrug. Conclusions. The Okrug's current socio-economic problems are caused by not objective reasons only, but subjective factors, as well.

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