The biggest obstacle to the economic growth of Ukraine

Abstract

Introduction. The level of corruption in Ukraine is unbelievably high. This situation significantly alleviates the prospects for economic growth. It obstructs the investment in the private sector of economy, the inflow of foreign direct investment from abroad, the opening of markets for new countries. As a result, the process of creating new jobs and the development of small and medium-sized businesses is substantially suspended. Following the signing of the Comprehensive Free Trade Agreement between Ukraine and the European Union, the reduction of corruption has become a prerequisite for a further convergence with Europe.

Purpose. The article aims to prove that the progressive experience of the European countries can be effectively used by Ukraine, taking into account many similarities with the countries of Central and Eastern Europe.

Method (methodology). The purpose of the study is to trace the most promising and effective mechanisms in the struggle against corruption which is used in European countries with similar economic preconditions. The article offers a regional comparison of the level of corruption in the European countries according to various sources, traces the history of the development of anti-corruption institutions, and also identifies the most effective mechanisms to struggle the corruption that might be implemented in Ukraine.

Results. Taking into consideration the fact that the government has already adopted effective laws, the continuation of this practice is a key process on which the country should focus on the way to European integration in the future. The results of the study can be used by the authorities to develop a strategy for the implementation of anti-corruption measures.