SOCIAL AND ECONOMIC IMPACTS OF THE DEEPENING OF THE INTEGRATION PROCESSES BETWEEN UKRAINE AND THE EU

Abstract

Abstract. In connection with signing the political part of Ukraine-European Union Association
Agreement, and also with preparation for the signing of the economic part of Agreement
for our country new opportunities are opening in modernization of the economy, development of foreign trade, migration processes, social sphere, innovation and investment activity and others.
But apart the benefits, the European integration processes may cause certain risks. In the
article are investigated social and economic impacts and problems, which Ukraine can expect
in the case of signing the economic part of Association Agreement.
On the basis of the experience of the EU Member States are revealed the potential risks such
as weakening of economic growth potential, the debt crisis, shadow capital, disproportion in social
sphere, reduction of the volumes and inefficient structure of foreign trade. Among unconditional
positive effects are substantiated such as improving of energy efficiency and innovative
level of the economy, business culture; alignment and support of social and economic development
of the countries adopted in European Community; revenues of modern technologies and
foreign direct investment from the EU; legalization of labor migration; growth of competitiveness
of the economy and efficiency of the government, reduction of corruption; improvement of
social and living standards of the population.
Key words: integration processes, Ukraine-European Union Association Agreement, social
and economic impacts, economic growth, debt, foreign trade, foreign investment, labor migration.