{"id":10912,"date":"2019-03-20T14:00:39","date_gmt":"2019-03-20T12:00:39","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=10912"},"modified":"2019-03-29T13:27:12","modified_gmt":"2019-03-29T11:27:12","slug":"factors-of-economic-growth-search","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/factors-of-economic-growth-search\/","title":{"rendered":"Palekhova Viktoriya Factors of Economic Growth: Search for Priorities for Ukraine"},"content":{"rendered":"

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JEL<\/strong> Classification:<\/strong> \u041e41; \u041e47.<\/span><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V13(2019)-29<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]Palekhova Viktoriya<\/b>, Associate Professor of the Department of Economics and International Economy, Petro Mohyla Black Sea National University, Mykolayiv, Ukraine<\/span><\/p>\n

ORCID ID<\/strong>: 0000-0002-8481-6669<\/a>
\ne-mail<\/strong>: viktoria.palehova@chmnu.edu.ua<\/a><\/p>\n

 <\/p>\n

Factors of Economic Growth: Search for Priorities for Ukraine<\/h2>\n

 <\/p>\n

Abstract<\/b>. <\/span>Introduction.<\/b> The problem of economic growth never loses its relevance. At present, advanced countries are concerned about the slowdown in the pace of economic growth, the acquisition of new normal. For developing countries, the search for growth factors that would accelerate development and bridge the existing gaps has traditionally been a priority.<\/span><\/p>\n

Purpose<\/b>. The purpose of the article is to analyze a wide range of determinants of economic growth, to select from among them the priority ones and to correlate them with the domestic realities.<\/span><\/p>\n

Results<\/b>. The study has identified the main sources of growth as opposed to others, which, while very important, nevertheless limit their importance to the creation of conditions for sustainable economic growth (particularly with regard to institutions and policies). Different strategies of Ukraine’s economic growth in the period of 2000\u20132007 are presented and the primary impact on the dynamics of GDP investments is proved. The extremely low level of gross private domestic investment (which never exceeded 28% of GDP and collapsed to 13.4% in 2014) makes it impossible to draw parallels to countries that demonstrate rates of economic miracle. The insufficient amount of gross fixed capital formation is also evidenced by its comparison with the degree of depreciation of fixed assets. The task of strengthening investment activity is significantly complicated by a number of circumstances, of which the article presents the tight monetary policy of the National Bank of Ukraine and the growing migration of highly skilled professionals.<\/span><\/p>\n

Conclusions<\/b>. The need to accelerate economic growth requires a significant increase in investment spending. Because of their unique macroeconomic role, investments provide for overall economic growth, both through direct impact on the real sector and by addressing a multitude of other challenges. For example, a high level of investment will not only increase employment and incomes, but can also reduce the inflationary potential of the national economy, slow down the exodus of specialists from the country, and diversify (towards complications) domestic exports.<\/span><\/p>\n

Keywords<\/b>: economic growth; determinants (factors) of economic growth; economic growth strategies; capital; investment; policy.<\/span><\/p>\n

References:<\/strong><\/p>\n

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  1. Lucas, R.E. (1988). On the Mechanics of Economic Development. <\/span>Journal of Monetary Economics<\/span><\/i>, 22, 1, 3\u201342. DOI: https:\/\/doi.org\/10.1016\/0304-3932(88)90168-7.<\/span><\/li>\n
  2. Heyets, V. M. (2017). Why is time to start over again? <\/span>Ekonomika Ukrajiny<\/span><\/i>, 5\u20136, 31\u201338 [in Ukrainian].<\/span><\/li>\n
  3. Denison, E. F. (1962). <\/span>The sources of economic growth in the United States and the alternatives before us<\/span><\/i>. New York: Committee for Economic Development. DOI: 10.1017\/S0022050700104206.<\/span><\/li>\n
  4. Barro, R.J. (1991). Economic Growth in a Cross Section of Countries. <\/span>Quarterly Journal of Economics<\/span><\/i>, 106, 2, 407\u2013443. DOI: https:\/\/doi.org\/10.2307\/2937943.<\/span><\/li>\n
  5. Reinert, E. (2016). <\/span>How Rich Countries Got Rich and Why Poor Countries Stay Poor<\/span><\/i>. Moscow: HSE Publishing House [in Russ.]. <\/span><\/li>\n
  6. Acemoglu, D., Robinson, J. (2016). <\/span>Chomu naciji zanepadajutj: pokhodzhennja vlady, baghatstva ta bidnosti<\/span><\/i>. \u00a0Kyiv: Nash format [in Ukrainian].<\/span><\/li>\n
  7. Easterly, W. (2016). <\/span>The Elusive Quest for Growth: Economists\u2019 Adventures and Misadventures in the Tropics<\/span><\/i>. Moscow: Institute for complex strategic studies [in Russ.]. <\/span><\/li>\n
  8. Keefer, Ph., Shirley, M. (2000). <\/span>Formal versus Informal Institutions in Economic Development<\/span><\/i>. Williston, VT: Edward Elgar.<\/span><\/li>\n
  9. Helpman, E. (2011<\/span>). The Mystery of Economic Growth<\/span><\/i>. Moscow: The Gaidar Institute [in Russ.]. <\/span><\/li>\n
  10. Hausmann, R., Pritchett, L., Rodrik, D. (2005). Growth Accelerations. <\/span>Journal of Economic Growth<\/span><\/i>, 10 (4), 303\u2013329. DOI: https:\/\/doi.org\/10.1007\/s10887-005-4712-0.<\/span><\/li>\n
  11. Ivanova, L.N., Terskaya G.A. (2015). Spots Growth and Growth Drivers: The Question Of The Contents Concepts. <\/span>Journal of Institutional Studies<\/span><\/i>, 7 (2), 120\u2013133 doi: 10.17835\/2076-6297.2015.7.2.120-133 [in Russ.]. <\/span><\/li>\n
  12. Barro, R. (1995). Inflation and Economic Growth. NBER Working Paper, 5326. DOI: 10.3386\/w5326.<\/span><\/li>\n
  13. Sharma, R. (2018). The Rise and Falls of Nations. Forces of Change in the Post-Crisis World. Moscow: Corpus [in Russ.].<\/span><\/li>\n
  14. Hausmann, R. (2017). Is South Africa about to make an historic mistake? The Centre for Development and Enterprise. Retrieved from https:\/\/www.cde.org.za\/a-presentation-by-professor-ricardo-hausman-is-south-africa-about-to-make-an-historic-mistake.<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row disable_element=”no”][vc_column][vc_column_text]Received:<\/strong> 24 February 2019<\/span><\/p>\n

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    Palekhova, V. (2019). Factors of Economic Growth: Search for Priorities for Ukraine. Modern Economics<\/em>, 13(2019), 187-193. DOI: https:\/\/doi.org\/10.31521\/modecon.V13(2019)-29.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] JEL Classification: \u041e41; \u041e47. DOI: https:\/\/doi.org\/10.31521\/modecon.V13(2019)-29 [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text]Palekhova Viktoriya, Associate Professor of the Department of Economics and International Economy, Petro Mohyla Black Sea National University, Mykolayiv, Ukraine ORCID ID: 0000-0002-8481-6669 e-mail: viktoria.palehova@chmnu.edu.ua   Factors of Economic Growth: Search for Priorities for Ukraine   Abstract. Introduction. The problem of economic growth never loses its relevance. At
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