Abstract: The Ukrainian economy is developed under the conditions of a permanent crisis caused by deep structural disbalances and technological primitivization of the national economy. As a result, Ukraine keeps lagging behind developed countries in terms of prosperity and is becoming an outsider in global economic processes. A neoliberal economic policy has proved its ineffectiveness in solving urgent poverty problems and building an effective economic system in Ukraine. This makes it reasonable to revise fundamental principles and state regulation of economic processes at the macro level and to carry out structural transformation of the national economy to improve an economic specialization of the country. Despite the fact that the problems of economic structural transformation have been widely covered by local (Yerokhin S. A., Shynkaruk L. V., Vasina A. Y., Huzhva Y. V., Kindzersky Y. V.) and foreign (E. Reinert, R Hausmann, S. Hidalgo, H. Chang) researchers, an assessment of prospects for growth as a result of paradigm change in an economic policy and structural shifts in Ukraine has not been sufficiently addressed by the researchers which grounds the need for further research in that field. The article outlines modern trends and prospects of the Ukrainian economic development as a result of implementation of different approaches to public administration of the economy. The paper substantiates the need to formulate and implement a governmental policy aimed at overcoming chronic problems of the national economy and improving prosperity level in Ukraine. It proposes regulatory and institutional measures of structural transformation of the Ukrainian economy based on innovation development, infrastructure improvement and industrial diversification. The work unfolds three major paths of the Ukrainian economic development: evolutionary way (extrapolation of modern trends), re-industrialization of the economy and realization of the existing potential, radical modernization and the increasing of the complexity of the economy. The conclusions of this publication state that a comprehensive use of the proposed tools of economic development (industrial parks, export and credit agency, development bank, small business support agency, free of charge connection to utilities, multi-factor public procurement model, revision of customs duties, substantial change of monetary policy, etc.) will help to enable large-scale structural transformation of the Ukrainian economy, which will therefore ensure a 7 % growth per annum. This will allow catching up with lost opportunities and a transition to accelerated growth and real European integration of Ukraine in terms of the economy.