Economic Stability and (or) Economic Growth

A Ya Zaporozhan

doi:10.22394/1726-1139-2020-11-93-98

Abstract

The article is devoted to consideration of two directions of state economic policy — maintaining economic stability and ensuring economic growth. The coronavirus pandemic has divided the world into “before and after”. In the previous period, the financial policy in Russia was based on the principle of macroeconomic stability. It would seem that the macroeconomic stability that has existed for several years has created the basis for economic growth in the country, but it has not been possible to realize the growth potential of the Russian economy. Economic stability is an important criterion for the economy. Only economic stability can be different.The economic stability of the Russian economy in the previous period is the economic stability of stagnation, because the cornerstone of the economic stabilization policy was maintaining a low inflation rate by artificially slowing down demand. N ow this economic stability of stagnation was overturned by the coronavirus epidemic due to a decrease in budget revenues and an increase in budget spending, which results in the threat of inflation.The purpose of the article is to substantiate the necessity and possibility of transition to a new form of economic stability — economic growth stability

Highlights

Economic stability is an important criterion for the economy
N ow this economic stability of stagnation was overturned by the coronavirus epidemic due to a decrease in budget revenues and an increase in budget spending, which results in the threat of inflation
В докладе Центрального банка о денежно-кредитной политике отмечается, что «как и ранее, среди факторов, ограничивающих рост производства, компании отмечали недостаточный спрос на продукцию на внутреннем рынке, высокий уровень налогообложения и неопределенность экономической ситуации»1

Summary

Introduction

Economic stability is an important criterion for the economy. Only economic stability can be different. Имеющаяся в течение нескольких лет макроэкономическая стабильность создает основу экономического роста в стране, но реализовать потенциал роста экономики не удавалось. Краеугольным камнем политики экономической стабилизации является поддержание низкого уровня инфляции, ибо низкая инфляция служит достаточным условием стимулирования экономического роста. В России же низкий уровень инфляции является искусственным, как результат, проводимый в течение ряда лет политики «экономической стабилизации».

Objectives

Results

Conclusion