Comparative structural analysis of economic growth in countries of the Eurasian Economic Union

Abstract

Relevance. The development of the Eurasian Union means economic integration between its member countries (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia). For more efficient coordination of this process, it is necessary to analyze national models of economic growth and adjust the Union’s economic policy accordingly. Research objective. The study aims to identify the national models of economic growth by applying the structural analysis method and building regression models of GDP growth. Data and methods. The study relies on the structural analysis of GDP growth and regression analysis of the impact of macroeconomic policy instruments. Results. The study provides an overview of the research literature on the factors affecting economic growth (e.g. the financial structure, government expenditures. Based on the results of the structural analysis, a classification of the models of economic growth in terms of expenditures and sectors is proposed. This classification can be used to devise measures stimulating cooperation and integration within the Eurasian Union. Conclusions. The study has revealed the differences between the national models of economic growth by looking at each country’s reaction to the crises of 2009 and 2015. These differences correspond to the peculiarities of each country’s economic policy and need to be taken into account in the Union’s policy-making.