AN_ASSESSMENT_OF_GROWTH_QUALITY_AND_ECON.pdf

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AN ASSESSMENT OF GROWTH QUALITY AND ECONOMIC STRUCTURE: A REGIONAL PERSPECTIVE Igor V. Sharkevich 1 , Natalia E. Buletova 2 ,* and Yaroslava V. Meshcheryakova 3 1 Plekhanov Russian University of Economics, Volgograd branch, Volgograd, 400131, Russia 2 The Russian Presidential Academy of National Economy and Public Administration, Volgograd branch, Volgograd, 400131, Russia 3 Institute of Management, Volgograd branch, Volgograd, 400040, Russia * Corresponding author’s email: [email protected] Abstract. Qualitative characteristics of economic growth and structural changes in the economy are essential for setting development goals for national and regional economies and can be used for reliable diagnostics of the results achieved. They are also important for strategic planning of future actions, changes and achievements. The paper presents a research methodology for measuring and assessing the quality of economic growth and dynamics of structural changes in the region’s economy . The application of the approach can help to assess the “path” of the economy and to choose and implement right solutions to economic problems. Key words: national economic policy, Gross Regional Product, economic growth, productivity of factors, degree of industrialization, degree of servitization, dynamics of structure. 1. INTRODUCTION Today, the Russian economy faces a number of problems some of which are considered to be systemic and cannot be solved by the efforts of business or government alone. These are the problems of the inefficient structure of the national economy and the low quality of economic growth as reflected not by the dynamics of GDP (or GRP) but by the dynamics of the genuine savings index used to measure the national savings and obtained by subtracting the value of resource depletion and pollution damages from net savings. The genuine savings index was first devised by D. Pearce and G. Atkinson in 1993, and further developed by the experts of the World Bank in 2000. However, the current system for assessing economic growth and dynamics of structural changes in Russia uses traditional methods to measure GDP growth and estimate the proportions of various sectors in GDP and GRP. The statistical indicators system that provides data for the assessment and decision-making within the national economic policy is also traditional. 2. NATIONAL ECONOMIC POLICY PRIORITIES The national economic policy in 2015 showed that the national economy, its structure and growth trends strongly depend on the new model of globalization and world trade. A new macroeconomic (including the character of the monetary policy and economic growth potential) and institutional model of growth of Russia’s economy is being formed now [1, p. 5]. The Russian democrats and authorities believe that the end of the global crisis does not necessarily mean improvement in the economy of the countries and regions affected by the crisis. The situation in these countries will depend on the ability of the authorities and elite of certain
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countries “to take advantage of the crisis”, i.e. to find institutional decisions that can help adapt
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