Impact of fiscal, monetary and structural economic policies on the growth rates of leading economies : 2000-2016

Abstract

The article analyzes the impact of measures and instruments of fiscal, monetary, and structural economic policies on the growth rates of the economies of many countries around the world from 2000 to 2016, considering the provisions of the structural theory of development. The dynamics of the following indicators of national economies is analyzed: GDP growth rate; total tax rate, central government debt; domestic credit to the private sector; consumer price inflation; high-tech exports as a share of country industrial exports and in value terms. It was revealed that for balanced long-term growth of the economy, it is necessary that the structure of the national economy should include industries whose exported goods are characterized by high elasticity of demand, and goods imported by low elasticity of demand. Selective tools of state stimulating economic policy should be aimed at industries that can generate innovations and promote the dissemination of the results of technological progress.