Structural Dynamics, Economic Growth and Macroeconomic Policy in Russia

Abstract

The purpose of the research is to determine the conditions for a new model of economic growth in Russia. The subject is the economic structure of the Russian economy. The research methodology is structure analysis, the pair correlation method. The result of the application of these methods is the determination of the sensitivity of the contribution to the growth rate of the components of Russia's GDP to macroeconomic instruments, as well as the degree of their influence on GDP over the considered time interval. Using the pair correlation method, it was found that inflation did not significantly slow down the economic growth of Russia in the period 2001-2018, the increase in the money supply M2 stimulated growth, as well as lower portage rates. It is also shown that structural policy is an indispensable way of creating a new growth model in Russia, and reduced only to palliative measures in the form of institutional changes, creating an environment for business and the like, without changing sectoral economic proportions, it will not ensure the creation of economic growth of a new quality. One way to rectify sectoral interactions is to reduce risk in manufacturing sectors and equalize returns between the transaction, raw materials and manufacturing sectors of the Russian economy.