FORMATION OF INNOVATIVE TOOLS FOR ECONOMIC POLICY IN THE CONTEXT OF THE GLOBAL ECONOMIC CRISIS DEVELOPMENT IN UKRAINE 2019-2020

Abstract

The urgency of the work is justified by the need to study the phenomenon of economic crises, which are repeated cyclically, determined by certain features, which accordingly determines the need to use specific response policies as tools to overcome them. A historical overview of the greatest economic crises of the twentieth and twenty-first centuries ("Great Depression", the crisis of 2008). The indicators of economic crisis assessment are systematized. The main indicators characterizing economic crises are highlighted: exchange rate, GDP, inflation, with the help of which the study of the crisis of 2019-2020 was conducted. The fluctuations of stock indices of the main countries of the world and changes of the exchange rate of Ukraine are analyzed; world GDP growth rates; inflationary processes in the world and in Ukraine are characterized. It has been proven that most of the world's economies show a slowdown in GDP growth and low inflation. Exchange rate fluctuations were halted by national banks and other supportive measures. The currencies of most developed and developing countries have strengthened against the dollar. While the currencies of most developed and developing countries strengthened against the dollar, the Ukrainian hryvnia weakened, stimulating an increase in exports of Ukrainian agricultural products. The recession of the beginning of 2020, caused by both economic transformations and the COVID-19 pandemic, does not have unambiguous forecasts of development. This is primarily due to the presence of a significant human factor in the course of this recession. Fiscal and monetary measures of countries and international institutions are the main tools for overcoming the crisis. The crisis of 20192020 shapes both negative and positive economic phenomena. One of the most important positive phenomena is the growth of competition and the formation of demand for basic innovations of the sixth technological mode, the introduction of which will significantly increase the competitiveness of goods and services of Ukrainian companies in the international space. The directions of response to the unfolding of the crisis of 2019-2020 in Ukraine are offered: 1) stimulating supply: lower interest rates; tax reduction; measures aimed at the creation and use of new technologies (assistive technologies - power exoskeletons, various prostheses and devices for rehabilitation); autonomous vehicles; neurotechnologies, including biomonitoring technologies (from fitness bracelets to invasive sensors); educational technologies, 3D bioprinting; genome editing; global cybersecurity; Artificial Intelligence; new reality and functional personalized food, etc.); 2) stimulating demand: government spending (targeted programs and the creation of basic enterprises in the publicprivate partnership); development of domestic demand on the basis of the creation of industrial innovation clusters with jobs with above-average sectoral wages, etc. The directions of response are interdependent. The priority and more effective is the direction of stimulating demand. This is due to the greater multiplicative effect of government spending on the country's GDP according to the theory of Keynesian economic regulation. Thus, the economic situation in the context of the Covid-2019 pandemic can be improved through a comprehensive system of measures and various policies to stimulate supply and demand, including entrepreneurial activity, development and implementation of innovations.