CREATIVITY IS VIRTUAL: LESSONS FOR UKRAINE

Abstract: This article studies the role of a creative approach to business activity and economic development in general. More specifically, the essence of creative industries and dynamics of development of creative industries in the USA and the European Union are considered. In addition, the authors consider the formation and development of the creative economy in Ukraine. On the basis of an econometric model the authors analyze the relationship between the costs of the population for cultural and entertainment activities and five factors – average wages, GDP (at cost), number of places for leisure, the number of people employed in the cultural sphere and the interest rate for loans. According to the results of the analysis, it was determined that the two main factors influencing the performance indicator (expenditure of the population on cultural and entertainment activities) are wages (income) and GDP. The model proved to be statistically reliable. For the development of the creative economy of Ukraine, it is proposed to stimulate a system of measures that includes economic, cultural and social factors related to technology, intellectual property and tourism. These measures will help to achieve the strategic share of creative industries at over 40% of GDP by 2030