Income Growth Rates Research Articles

METHODOLOGICAL APPROACHES TO FORECASTING NET CASH FLOW WHEN EXPERTS-ECONOMISTS DETERMINE THE MARKET VALUE OF SHARES USING THE INCOME APPROACH

Conducting forensic examinations on the issues of determining the market value of shares is subject to execution in compliance with the requirements of both the legislation on valuation and valuation activities, and the methods developed in accordance with the Law Ukrainian “On Forensic Expertise”. In accordance with national valuation standards, the main method of the income approach used for the valuation of integral property complexes is the discounted cash flow method. The method of complex expert studies for determining the value of shares of enterprises, developed in accordance with the Law Ukrainian “On Forensic Expertise”, determines that the discounted cash flow method is used to convert future uneven income from the operation of the facility into the current value by discounting each of the future income at the appropriate rate of income. This article examines the features of the cash flow forecast for enterprises – issuers of shares, which are historically characterized by the uneven formation of income, costs, and, accordingly, profit and net cash flow. The following methodological approaches to forecasting are considered, analyzed, and summarized: comparison of the growth rates of the main macroeconomic indicators of Ukraine and the indicators of income and costs of the estimated integral property complex; comparing the growth rates of income and costs of the integral property complex with the dynamics of price fluctuations in the markets of the corresponding products; comparison of income and cost growth rates for their individual items; allocation of extraordinary, periodic and non-standard items of income and expenses. Key words: cash flow, cash flow forecast, cash flow discounting method, the market value of shares, integral property complex.

Dynamics of own income in Moscow polyclinics for 2019–2021

Introduction. The state and analysis of the revenue part of the budget of organizations of the state healthcare system in Moscow, providing primary medical care to the adult population, is of particular interest in the context of a shortage of financial resources. First of all, management specialists are interested in the formation of a source of their own income in the form of income from the provision of paid medical services, since it is one of the most effective tools for ensuring the financial sustainability of medical organizations.
 Purpose. To analyze the indicators of the volume of own incomes of polyclinics subordinate to the Moscow Department of Health (hereinafter referred to as DZM) in dynamics to assess the possibility of implementing the provision of paid medical services by state budget organizations providing primary medical care to the adult population.
 Materials and Methods. The study was based on the data of the annual budget reporting of medical organizations for 2019 – 2021 from the accounting system DZM "Parus Budget 8".
 Results. The volume of own income in 2021 compared to 2020 increased by 67,3 %, and in 2020 there was a sharp decrease in this indicator compared to 2019 – by 32,4 %. In the context of administrative districts in 2021,
 there is a significant variation in the values of the indicator "growth rate of own income" in relation to 2020 – from 136,6 % in the Central Administrative District to 255,1 % in the Eastern Administrative District. In 2020, compared to 2019, the difference between the maximum and minimum values was insignificant – 13,6 %.
 Based on the totality of indicators, it can be concluded that, despite the equal rights enshrined in Russian law, medical organizations of the Moscow healthcare system, due to territorial differences, have different opportunities to replenish the revenue side of the budget through the provision of paid medical services.
 Conclusion. The dynamics of general incomes and the dynamics of own incomes have a multidirectional trend. Among the administrative districts, significant differentiation was noted, both in terms of the “share of own income in the total income of medical organizations”, and in terms of the “growth rate of own income” and “growth rate of income from the provision of paid medical services”, which requires a more in-depth analysis.

The Reality of Sustainable Development in the Developing Countries and its Impact on Foreign Trade for the Period 1990-2020

Sustainable development means development that seeks to meet the needs of current generations without compromising the capabilities of future generations. As for foreign trade, it is one of the most important economic activities that cause increased production and raise the growth rates of national income. Usually, foreign trade is affected by sustainable development variables, until it became necessary Developing countries should adopt the principles of this type of development to meet their requirements, build and develop their societies and change the reality in which they are. The importance of the research appears from the importance of sustainable development for its role in increasing the values of foreign trade and making its economic activities continue to progress continuously over time. So the research aims to study the impact of sustainable development variables on foreign trade for a sample of developing countries that included (Egypt, Tunisia, and Thailand). Based on the hypothesis that the variables of sustainable development contribute to different effects in foreign trade. In order to prove the hypothesis of the research, it was relied on time series data for the study variables during the period 1990-2020 using the statistical program EViews-10, and the ordinary least squares method as it reflects the changes in foreign trade of each country. This study, a number of conclusions were reached, the most important of which was the contribution of sustainable development variables to achieving quantitative, qualitative and positive developments in foreign trade, being a comprehensive and complex process with economic and social dimensions directed towards bringing about structural changes in the field of international exchange. By adopting development, policies that stimulate production, as this plays a very important role in increasing the values of foreign trade for countries the study sample.

Collaborative Analysis and Research on Marketing Risk and Enterprise Growth

To measure the level of synergy between marketing analysis and business growth, the existing literature is used to analyse the two perspectives of marketing risk and business growth and explore the possible links between the two based on synergy theory. A marketing management system and a business growth system are developed. The marketing system is based on seven indicators: cash ratio, asset turnover ratio, gearing ratio, current ratio, fixed asset turnover ratio, and higher technology share. The enterprise growth system is based on the growth rate of net asset income, the ratio of main earnings, the synchronization rate of main income and main profit growth, the capital preservation and appreciation rate, and the retention rate of profit retention. Corporate growth is inseparable from deep resource integration, of which marketing risk is a key part and the study of whether there is a link between the two systems of existence through the quantification of indicators and synergistic analysis of the linkage between the two.

Accounting of Air Pollution on Tourism Economic Loss in Fuzhou Based on Big Data Analysis

When measuring the overall image of a city, air quality is one of the main indicators which is closely related to the quality of life. For a city, it is also a concrete manifestation of the tourist attraction ability. Air pollution in urban areas has already had an important impact on the daily lives of residents. It not only has a direct impact on human health but also affects human emotions, travel consumption, outdoor activities, and other aspects, thereby affecting economic vitality. Since air quality is a core indicator to measure the comprehensive image of a city, in order to effectively increase people’s sense of experience and enhance the local tourist attraction ability, this paper studies the air pollution impact on tourist cities. When exploring the impact of Fuzhou’s scenic spots and tourism frequency on air pollution, the number of scenic spots and reviews published on the Meituan software from 2018 to 2019 is selected as the research object. In the actual analysis, tourist attractions are divided into tourist attractions selected by people outside of Fuzhou and tourist attractions selected by residents. The empirical results show that the frequency of local travel will be reduced by 0.090 percentage points for every one percentage point increase in the air quality index. It can be calculated that the annual local travel due to the increase in the air quality index will reduce the number of tourist attractions in Fuzhou by approximately 2.4511 million. Every time the air index rises by 0.164 percentage points, the corresponding annual reduction in tourists is 11.733 million. Through the analysis of these 6 scenic spots, it can be concluded that whether it is scenic spots suitable for local people’s tourism or scenic spots for tourists from all over the world, air pollution will reduce the frequency of scenic spots travel, which will cause urban tourism economic losses. Through the research of related theoretical data, it can be found that haze weather and air pollution have a negative impact on Fuzhou’s scenic spot income and tourism growth rate. At the same time, air pollution will also affect the comfort of the city and then have a negative impact on the city’s investment environment and the living environment, which will affect the city’s economic development and other aspects of construction.

DOES PREMIUM EXIST IN THE STOCK MARKET FOR LABOR INCOME GROWTH RATE? A SIX-FACTOR-ASSET-PRICING MODEL: EVIDENCE FROM PAKISTAN

The objective of this study is to explore Roy and Shijin [(2018). A six factor assets pricing model. Borsa Istanbul Review, 18(3), 205–217] six-factor-model of asset pricing by extending Fama and French five-factor model to include human capital as a sixth factor in the context of Pakistan — an emerging country in Asia, and to test the validity of the six-factor asset pricing model in explaining time-series variations in portfolio returns of Pakistan equity market. For this purpose, we use Fama and Macbeth’s two-pass time series regression technique to test the validity and applicability of the six-factor model. The findings indicate that the six factors model is an appropriate asset pricing model for explaining time-series variations in Pakistan. Furthermore, the human capital (labor income growth rate) is significant for most of the portfolios constructed in this study, which implies that the human capital significantly explains time-series variations in portfolio returns. The empirical results encourage all types of investors and academics to incorporate human capital into asset pricing models. It helps in more accurately estimating the required rate of return, which can improve asset pricing models.

Cutting Russia's fossil fuel exports: Short‐term economic pain for long‐term environmental gain

AbstractIn response to the invasion of Ukraine, most OECD countries have announced punishing sanctions against Russia. In addition to targeting financial markets and service sectors, some countries have begun to impose restrictions on exports of Russia's fossil fuels. We analyse a scenario whereby most OECD countries put major restrictions on Russia's energy exports. The short‐term implications are likely to be non‐trivial for the EU – Russia's largest energy export destination. Households' real income could drop by 0.7 to 1.7 percent (relative to the reference case) with energy prices growing by as much as 11 percent. But in the longer run, the cost of such restrictions for the EU is expected to be more modest (0.04 percent slowdown in the annual growth rate of real income over the 2022–2030 period), even as they lead to substantial environmental benefits reducing CO2 (6.6 percent in 2030) and air pollutant emissions (2.8 to 5.9 percent in 2030). Such emission reductions would take the EU more than halfway to its Green Deal mitigation target, reducing the necessary carbon price by around 40 EUR per tCO2. Adverse impacts on the Russian economy would be overwhelming and, in relative terms, 10 time larger than that for EU.

Budget Consolidation and Social Sector Spending: Does Fiscal Contraction Endanger Growth of Human Capital in India?

This study analysed the short- and long-term impacts of fiscal consolidation on social sector spending in Indian economy and thereby on human capital. Using autoregressive distributed lag framework, the study found that fiscal adjustments have significant potential to undermine the short- and long-run spending in human capital. A fiscal adjustment aimed at strengthening fiscal position of the Indian economy can have adverse impacts on the growth rate of income. Lower-income growth will imply increased constraint on part of the government to spend in public utilities like education and health. Similarly, a fiscal adjustment based on slashing government spending can adversely impact both short- and long-term welfare spending as these spendings are mainly financed by deficits. The policymakers while framing the design of a consolidation programme need to take extra precaution as far as the composition of these adjustments are concerned. Moreover, there is need of legislate aimed at changing the nature of welfare spending from discretionary to compulsory.

Human capital, innovation, and growth

AbstractThis paper explores the interaction between human capital and innovation in the process of economic growth. Using a model of endogenous growth, we focus on how taxes and other policy instruments affect the incentives to invest in human capital. In contrast to many other growth models we find that the taxation of human capital has a substantial negative effect on its accumulation. This in turn reduces innovation and, consequently, the income growth rate. More surprisingly, other policies that are intended to stimulate growth may have opposing effects on innovation and the accumulation of human capital. For example, while subsidies to research and to intermediate inputs do have positive effects on innovation and growth, they lead to a lower stock of human capital, in the empirically relevant case when the elasticity of intertemporal substitution in consumption is low.

The Position of Monetary Policy Mechanism in Controlling Inflation Growth in Nigeria Using Standardized Regression Model

This study examined the role of monetary policy mechanism in controlling inflation growth in Nigeria. Standardized Multiple Linear Regression Model (SMLRM) estimating technique was considered as a tool in fitting the model where inflation rate served as response variable and income growth rate, money supply, exchange rate, domestic credit growth rate and government expenditure served as explanatory variables. Data were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin, December 2018 for the period of 1998 to 2018. The R-Statistical software package was adopted to carry out the analysis. The result of the P-value of Money supply, Exchange rate and Domestic credit growth rate were all statistically significant with 0.00165, 0.000038 and 0.00864 respectively at (0.05). Though, the Real income growth rate and Government expenditure do not appreciably contribute in controlling inflation growth rate. The overall model contributes significantly in controlling inflation growth rate with a p-value of 2.2 x 10-16. The coefficient of determination (R-square) is very high, which implies that the model best captured the control of inflation growth rate that is being considered. The study however concluded that three of the explanatory variables made much significant impact in controlling inflation growth in Nigeria.

The priorities of the state excise policy

The research subject includes the theoretical basis and mechanism of excise policy formation and realization. The study aims to determine the priorities of excise policy development in the context of developing its regulatory impact on economic processes and increasing the fiscal potential of excise duty. Methods. In order to achieve the appropriate tasks, we used a set of methods and approaches that helped to ensure the conceptual unity of our investigation. The systemic and structural approaches, generalization methods, analytical evaluation, synthesis, comparison, scientific abstraction are applied. Results. The fiscal significance of the excise tax in the OECD countries and Ukraine for the last two decades has been determined. The main stages of excise policy development in 2001–2021 are systematized. The volumes of illegal circulation of excisable goods and losses of tax revenues are analyzed. Finally, the priorities of the excise policy are substantiated. Practical implications. Tax policy and instruments of its implementation. Conclusions. Ukraine could use the foreign experience of floating excise tax on fuel in a period of high and rising prices for petroleum products. It is necessary to eliminate the fundamental reason for expanding the illegal tobacco market - a significant difference in the growth rate of cigarette prices (primarily due to the rising tax burden) and household income. Therefore, it is reasonable to change the current schedule of excise duty rates by revising them and slowing down the growth from 20% to 10-12% annually. Furthermore, it is actually to return criminal liability for the illegal movement of tobacco products across the customs border of Ukraine. It is necessary to increase further the institutional capacity of the State Customs and State Border Services. The government should improve the institutional environment for the e-commerce of excisable goods. The priority direction of the taxation development of alcoholic beverages and tobacco products is introducing an automated control system over their production and circulation (electronic excise stamp). A further increase in the tax rate on alcohol should be taken with caution, understanding the potential threats to reduce legal production, and replacing this niche with counterfeiting, which will lead to lower revenues or a tiny increase. The main criterion for collecting excise tax for cars should be technical and operational characteristics related to fuel efficiency.

Banking Sector Profitability: Does Household Income Matter?

Household incomes, their level and dynamics are one of the factors that ensure the achievement of the Sustainable Development Goals. At the same time, stable development of the banking sector, which is impossible without steady earnings, determines economic growth, which also positively affects reaching the Sustainable Development Goals. The paper examines the impact of household income on the return on assets of the banking sector in Russia using annual time series from 2003 to 2019. The study was conducted using formalized economic and mathematical methods of analysis by linear regression with least squares tests on the significance of the model, with tests for redundancy of insignificant variables (Wald test), Ramsey test on the functionality of the model, White and Breusch Pagan test for heteroscedasticity (heterogeneity of observations) and multicollinearity by method of inflation factors, graphic method. The Multiple Linear Regression (MLR) model was used. The results show that (1) an increase in the growth rate of household income and deposits in the non-financial sector has a positive effect on the return on assets of the banking sector; (2) an increase in the growth rate of the price of Brent crude oil and non-performing loans negatively affect the dependent variable; and (3) the regions that have the greatest (positive and negative) impact on profitability of whole bank sector in Russia were identified. Increasing household incomes and eliminating inequality in the incomes of the population of different regions will have a positive impact not only on social well-being but will also provide the banking sector with the opportunity for profitable operation and create conditions for sustainable growth. Our conclusions are useful for the regulator and individual banks and can be taken into account when developing and implementing policies aimed at sustainable development.

ТЕНДЕНЦІЇ ЦІНОУТВОРЕННЯ ТА ЕКОНОМІЧНІ РИЗИКИ ДЛЯ ПІДПРИЄМСТВ ХАРЧОВОЇ ПРОМИСЛОВОСТІ

In the economy, the main category is the price, which is one of the main factors of the competitiveness of products and the enterprise as a whole. The main economic risks for the enterprise are that the price acts as a function of costs and profit.Therefore, it is important that the constituent elements of the price, its level, dynamics are controlled both by the producer and by the state for separately monopoly resources (raw materials, energy resources). The article examines the economic threats of risk that can lead to a crisis in activity, and even to the bankruptcy of the enterprise. The current state of the economy of Ukraine is characterized by many force majeure circumstances, which are attributed to external factors of influence (destruction of economic facilities, infrastructure, death of employees, etcSuch events to ensure economic activity require additional costs, which will directly affect the increase in the price level of a product unit. An increase in prices leads to a reduction in the solvency of the population and, accordingly, demand. That is, enterprises must change the structure of production, switch to the range of production of products of the low and medium price segment, the income from which is not always sufficient in order to develop, introduce the latest technologies, carry out modernization, that is, there are contradictions of economic interests between producers and consumers, supply and demand. The destruction of the national economy is associated with the occupation of the territories of Ukraine, and this required changing the supply logistics for many enterprises, which led to additional costs and, accordingly, an increase in the price of products. Also, economic risks are increasing due to the insufficient availability of working capital, to replenish which it is necessary to take loans that are quite expensive or unavailable. There may be a threat regarding the timely return of loans due to a low level of profitability, profitability of products. The analysis of price trends for food industry products proves that their growth rates are ahead of the growth rates of the population's incomes. Therefore, the pricing process directly affects the economic risks of the enterprise, its financial and economic condition and liquidity.

ЗАСТОСУВАННЯ КЛАСТЕРНОГО АНАЛІЗУ В ТУРИСТИЧНІЙ ІНДУСТРІЇ ЄВРОПЕЙСЬКОГО ПРОСТОРУ

It is determined that the cluster approach is a necessary tool for creating the spatial development of the world's tourist regions, and the focus on the formation of competitive advantages of tourist clusters will lead to the production of creative innovative tourism products. The study examines the competitiveness index according to a set of indicators, which are grouped into four subindexes – environmental friendliness, public policy and the creation of favorable conditions, infrastructure, natural and cultural resources. A cluster analysis of the factors that create the regional potential of clusters in the tourism industry of the European space has been carried out. The features of the competitive environment in the tourism services market and its impact on the competitiveness of economic entities of the tourism industry are considered. The number and composition of tourism clusters in the EU member states is demonstrated. With the help of cluster analysis and audit, more competitive tourist clusters of the European space have been identified. A correlation analysis was carried out between the general competitiveness index of the EU member states in the field of travel and tourism and its subindexes. The results of this analysis confirm the existence of a direct relationship between these components. In order to characterize tourist clusters and determine the degree of development of their tourism potential, the process of combining clusters by the Ward method and the K-means method was used, which made it possible to determine various levels of competitiveness of the travel and tourism sector. The forecasting tool is applied by the method of extrapolation of market trends and indicators. The forecast efficiency of the development of the regional potential of tourist clusters is calculated using the growth rates of the final product. As the main indicators of forecasting, such indicators as the growth rate of national income, the rate of dynamics of visits to tourist sites and recreation in the country, the parameter of the degree of labor intensity, labor productivity growth, the parameter of the degree of capital intensity, the growth of capital return are selected.

Современная концепция регулирования социально-экономического неравенства домохозяйств

Socio-economic inequality is a global problem that, in one way or another, affects any country. High inequality is a threat to the sustainability of democratic institutions and economic growth. That is why a large number of scholars have been drawing attention to this problem for the past couple of decades, during which the overall level of socio-economic inequality has grown both globally and within countries. Are the efforts that regulators are making today enough to contain the rise of socio-economic inequality, and is everything that is being done correct conceptually? These issues have been very relevant over the past few years. The aim of this research is to analyse and develop the concept of a state regulation of socio-economic inequality on a global scale in the UN Sustainable Development Goals program and in Russia at the level of strategic planning documents. The research method is the analysis and synthesis of information from the UN sustainable development program and strategic planning documents for the socio-economic development of Russia. The author has revealed that the goal and concept of regulating socio-economic inequality at the UN level and in Russia are asymmetric relative to the household income distribution curve and have a noticeable shift to its left end. Combating and reducing poverty is a key priority in the regulation of socio-economic inequality in the world. At the same time, the regulation of inequality at the right end of the income distribution curve and the clear state policy of optimizing the growth rate of income and wealth of the richest households are absent or poorly represented in strategic planning documents. As recommendations, the author proposes to use and develop the concept of regulating socio-economic inequality based on Francois Bourguignon’s “poverty - economic growth - inequality” theory.

СОВЕРШЕНСТВОВАНИЕ МЕТОДИКИ ВНУТРЕННЕГО АУДИТА ВАЛЮТНОГО РИСКА КОММЕРЧЕСКОГО БАНКА НА ПРИМЕРЕ ДЕЯТЕЛЬНОСТИ ПАО ВТБ

The article examines issues related to the development of proposals for improving the methodology for internal audit of the currency risk of a commercial bank on the example of the activities of PJSC VTB. The author substantiates that an integral part of the banking audit, in particular the audit of currency risks, is an audit analysis, which is a comprehensive approach that includes a set of methods and techniques that allow the auditor to deeply and comprehensively study the situation in the field of currency risk management of a commercial bank. In this article, the author proposes a comprehensive methodology that allows you to explore the currency risk of a commercial bank based on the analysis of financial and economic indicators that characterize the bank's activities in the foreign exchange market. Taking the achievements of foreign specialists, the author proposed a comprehensive methodology of audit analysis aimed at reducing the level of currency risk of a commercial bank. The audit analysis concerning the currency risks of a commercial bank is proposed to be carried out according to a scheme covering several stages. The use in analysis, in comparison with other methods, eliminates the ambiguity of assessing the influence of factors when changing the sequence of their calculation and allows you to get the most accurate result. The data obtained allow auditors to form an objective picture of the situation in the field of foreign exchange transactions of a commercial bank, to determine those positions that most affect the level of currency risk, to formulate recommendations for its reduction. During the audit, it is recommended to compare the growth rates of income and expenses, as well as to determine the coefficients of their elasticity. The latter are calculated as the ratio of the income growth rate to the cost growth rate.The successful operation of commercial banks in the foreign exchange markets largely depends on the effectiveness of currency risk management. The analysis of currency risk is important for the analysis of currency risk, which is an integral part of the audit aimed at obtaining objective data that contributes to the formation of an audit opinion on this type of risk and the development of recommendations to reduce it.

Features of the formation of incomes of the consolidated budgets of the constituent entities of the Russian Federation

The article examines the features of the formation of incomes of the consolidated budgets of the constituent entities of Russia on the basis of a statistical assessment of the dynamics and structure of incomes of the consolidated budget. The study provides a comparative assessment of changes in budget revenues and their structure in indicative years 2005, 2010, 2015 and 2019, which makes it possible to identify the main trends and features of the formation of revenues of the consolidated budgets of the Russian Federation and regions of the Central Federal District in different time periods. Over the past 5 years, the growth rate of the revenues of the state budget of the country has decreased in comparison with previous periods, which is associated with the deterioration of the economic situation due to the economic crisis. Comparison of the growth rate of Russia's GDP with the growth rate of income for the main types of taxes made it possible to establish that taxation in the sphere of business is growing at a faster pace than the economy. In the context of the regions of the Central Federal District, significant differentiation remains, both in the absolute value of the volume of budget revenues, and in the specific weight of one or another type of taxes. The overwhelming share of budget revenues comes from personal income tax, the volume of receipts of which is growing most dynamically, as a result of which in 2019 its share varied from 21% to 40% by region.

Assessing the Impact of Income Inequality on the Growth of National Economies: Bayesian Approach

The article assesses the relationship between income inequality and economic growth rates. We believe that such an assessment will help to define the prerequisites and conditions for the transition of economic growth rates into qualitative determinants. In the study we consider the net national income as an indicator of economic growth. The novelty of the study is in the use of the Bayesian approach in order to assess the interdependence of inequality in countries with different income levels and their economic growth rates. The assessment tool is the original Bayesian econometric model with variation of probable determinants. In the context of the study, the Bayesian approach reflects the interaction between the growth rates of net national income and inequality indicators for different income groups of countries in accordance with the World Bank classification. Empirical analysis of 164 countries data show a positive relation for low-income countries

Structural transformation trajectories: Evidence from successful exporting countries

This paper identifies and examines several success criteria for the structural transformation of exports. Some detailed facts for the leading countries in structural transformation are presented, and the paper is the first in social sciences literature to calculate the Fréchet distances between the structural transformation trajectories according to various criteria. The paper introduces the concept of structural transformation trajectory that is defined as the path in the two coordinates — per capita income and one of the success criteria for the structural transformation of exports. Based on the brief review of the literature, four criteria for the empirical research are selected: (i) an increase in the ratio of exports of capital to consumer products, (ii) an enhancement of the export share of high-tech products, (iii) a decrease in export concentration, and (iv) an expansion of export complexity. In most cases, countries leading structural transformation succeed due to a limited number of specific factors, such as foreign direct investment in a limited number of sectors, participation in the assembly of telecom products, automobiles or similar consumer products, and re-export of products from other countries. However, high per capita income growth rates are typically observed in countries with high coherence of the success criteria for the structural transformation of exports, that is, in countries that made progress on a whole range of criteria.

Structural transformation trajectories: Evidence from successful exporting countries

This paper identifies and examines several success criteria for the structural transformation of exports. Some detailed facts for the leading countries in structural transformation are presented, and the paper is the first in social sciences literature to calculate the Fréchet distances between the structural transformation trajectories according to various criteria. The paper introduces the concept of structural transformation trajectory that is defined as the path in the two coordinates — per capita income and one of the success criteria for the structural transformation of exports. Based on the brief review of the literature, four criteria for the empirical research are selected: (i) an increase in the ratio of exports of capital to consumer products, (ii) an enhancement of the export share of high-tech products, (iii) a decrease in export concentration, and (iv) an expansion of export complexity. In most cases, countries leading structural transformation succeed due to a limited number of specific factors, such as foreign direct investment in a limited number of sectors, participation in the assembly of telecom products, automobiles or similar consumer products, and re-export of products from other countries. However, high per capita income growth rates are typically observed in countries with high coherence of the success criteria for the structural transformation of exports, that is, in countries that made progress on a whole range of criteria.