Features of the Ukrainian Fiscal Space: Theoretical and Practical Reflections of Formation

Modern transformations of the world economic system have a significant impact on local economic processes that occur under the influence of intensive globalization. Ukraine is a state, geographically located in the center of the European continent. But today Ukraine is a source of political, social and economic instability, and this negatively affects on its external and internal fiscal policy. The purpose of the article is to study the conditions and the disclosure of trends in the functioning of the fiscal space of the state, what is one of the prerequisites for ensuring its economic growth and stable socio-economic development. The structure of the fiscal space was disclosed, which can be represented as a set of economic, political, financial and social relationships arising between the state and society while ensuring the interests of everyone in the process of implementing fiscal policy. The dynamics of Ukraine's positions in key international ratings were estimated. A comparative analysis of the index of economic freedom in Ukraine and other countries in 2018 was carried out. It was revealed that in general in Ukraine, improvement in 8 out of 12 indicators of economic freedom can be traced; especially the improvement of financial freedom and freedom of investment is worth noting. However, the large activity of investors did not happen. The main reason for this is corruption, which has permeated virtually all spheres of public life in the country. Considerable attention is paid to the study of the dynamics of changes in population and adult population, indicators of wealth and its distribution. It was determined that, taking into account the peculiarities of the functioning of Ukraine in the competitive conditions of global economic transformations to ensure positive dynamics of macroeconomic indicators, the primary task is to restore peace and establish political stability in the state. The solution of issues related to the formation of a balanced fiscal space is possible in the case of using the integrated approach to solving existing social and economic problems.