CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

shadow is equal to 40 to 70 billion dollars and this money is not used in the economy in any way. Fig 3.6. Gross savings share in GNI structure in Ukraine and the world, 2018 Note: formed by the authors based on (World Bank) According to ACCA (Association of Chartered Certified Accountants), Ukraine ranks third in the ranking of countries with a high level of shadowing of the economy with a share of more than 45% of the «grey» economy. In 2016, the first place in this rating belonged to Nigeria, where the level of shadowing of the economy was 48%. The second place was occupied by Azerbaijan with a level of shadowing of the economy of more than 67%. According to the publication «Economic Truth» (Shadow Level), the size of the shadow economy in Ukraine in 2018 amounted to 47.2% of the total GDP and 46.8% — in 2017. According to the results of this study, the most shadowy sectors of the Ukrainian economy are retail trade and construction, where the scale of the shadow economy exceeds 50%, although, unlike other sectors, this is where the level of the shadow economy decreased in 2018 compared to 2017. As noted in the previous subsection, the feasibility of using crowdfunding is determined by comparing the cost of capital raised 46,43 31,26 28,54 27 20,5 22,4 19,95 18,32 10,87 0 5 10 15 20 25 30 35 40 45 50 Gross savings, % of GNI Countries 125