SYNERGY OF MACROECONOMIC POLICIES FOR ACHIEVING INCLUSIVE ECONOMIC GROWTH IN UKRAINE

Abstract

The increasing frequency of global shocks heightens the risk of macroeconomic instability and exacerbates adverse socio-economic outcomes, including unemployment, poverty, income inequality, and social exclusion. This underscores the need for integrated macroeconomic framework based on the fiscal-monetary-social policy nexus, aimed at minimizing welfare losses and ensuring inclusive growth. The article aims to substantiate the theoretical and methodological foundations for enhancing the synergy of macroeconomic policies to achieve inclusive economic growth in Ukraine amid current global and national challenges. The study employs general scientific and special methods, including dialectical and logical approaches to conceptualize inclusive economic growth, analytical and deductive approaches to assess the impact of macroeconomic policies, and a systems approach to examine their interaction and integrate socio-economic indicators using the Inclusive Development Index (IDI) and the Inclusive Growth Index (IGI). The  empirical analysis covers European countries and Ukraine over 2016-2025, applying statistical, graphical (including heat maps), and comparative methods. The findings indicate that inclusive growth relies on equal access to markets and resources, enabling individuals to fully realize their potential. It is achieved through the effective interaction of macroeconomic policies, whose effects are both direct and indirect. The heat map analysis reveals a relatively synchronized response of European countries to global shocks, followed by a gradual recovery in economic activity. The full-scale war in Ukraine had a limited impact on their growth dynamics. In contrast, Ukraine demonstrates significantly higher vulnerability to shocks, reflected in a deeper GDP contraction and a deterioration in socio-economic indicators, including rising unemployment and social exclusion. Unlike European countries, Ukraine shows more fragmented and asymmetric dynamics. Strengthening synergy among macroeconomic policies is therefore critical to fostering inclusive economic growth in Ukraine.