The paper focuses on the current state of the economy of Ukraine, the negative trend of Ukraine’s economy development is emphasized. It is underlined that the process of the market economy creation in Ukraine was organized according to the recommendations of the Washington Consensus, offered as the universal recipe for the modern global economy formation. It has resulted in the drastic decline of Ukraine’s high tech production and orientation of development primarily on agricultural production, as well as on the extraction of raw materials, their primary processing, and the export of goods with low added value. The great number of highly skilled professionals could not find job corresponding to their qualifications, and the majority of them was forced either to work in trade or emigrate abroad. Overcoming negative tendencies in the economy of Ukraine requires the refusal of the recommendations of the Washington Consensus, above all of the neoliberalism ideology, forming their basis and contradicting the main postulate of adhering to justice in the world. In the modern world, in the conditions of the Fourth industrial revolution and the implementation of the sixth technological mode, the economy finds itself transformed due to these fundamental changes. The determinative factor has become the right time for the introduction of these structure and technology shifts, the reduction of which depends primarily on the actions of the state and the national business elite. These urgent actions will promote the formation of the socio–market economy, the knowledge economy, approval of justice and high technology, the economy which keeps the environment in the parameters required for the functioning of the ecosystem and for preventing climatic disasters. Optimization of foreign economic relations of Ukraine will enable the country to play the role of the bridge between the East and the West, contributing to mutually beneficial and non–conflict relations between them.