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National Interests: Priorities and Security
 

The analysis of the substance of economic growth in Russia

Vol. 17, Iss. 9, SEPTEMBER 2021

Received: 31 May 2021

Received in revised form: 16 June 2021

Accepted: 30 June 2021

Available online: 15 September 2021

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: Е44, Е58, Е60, G18, G19

Pages: 1737–1761

https://doi.org/10.24891/ni.17.9.1737

Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article investigates the substance of Russia’s economic growth.
Objectives. I determine what circumstances influence the substance of the economic growth in Russia.
Methods. The study relies upon the systems approach, methods of statistical, neural network and cluster analysis.
Results. It is important to analyze the substance of the economic growth in Russia. The Russian resources were found to be actively provided to other countries via capital and current transfers. Growth rates in the consolidated account gets less variable since the statistical variance was significantly adjusted with respect to capital translations, and product subsidies were limited, including products for State-owned enterprises, exports and imports. As a priority of the Russian economic economic growth, it focuses on the generation of income. I also discovered considerable links to the consolidated account. The Russian economy is oriented at the reallocation of available income among sectors so that savings and capital transfers could be made. Doing so, the country will subsequently acquire non-financial assets on the free-hold basis and interest in the production process. Internal resources of the sustainable economic growth were found to deplete under the current monetary policy of the Central Bank of Russia and Russia’s Ministry of Finance.
Conclusions and Relevance. Shaping the substance of the economic growth in Russia, such circumstance demonstrate to governmental authorities that the goal of the socioeconomic development should be achieved with different methods. The findings contribute to the knowledge and competence of the Russian government for purposes of economic growth.

Keywords: circumstances, focus, substance, method, capital transfer, economic growth

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