Structural changes and economic growth in the world economy and Russia

Russian Journal of Economics. 2019. Vol. 5. P. 1–26.

Mironov V., Konovalova L.

The article considers the problem of the relationship of structural changes and economic
growth in the global economy and Russia in the framework of different methodological
approaches. At the same time, the paper provides the analysis of complementarity of
economic
policy types, which, on the one hand, are aimed at developing the fundamentals
of GDP growth (institutions,
human capital and macroeconomic stabilization), and on
the other hand, at initiating growth (with stable fundamentals) with the help of structural
policy measures. In the study of structural changes in the global economy, new forms of
policies of this kind have been revealed, in particular aimed at identifying sectors — driversof
economic growth based on a portfolio approach. In a given paper a preliminary version
of the model of the Russian economy is provided, using a multisector version of
the Thirlwall’s Law. Besides, the authors highlight a number of target parameters of indicators
of competitiveness of the sectors of the Russian economy that allow us to expect its
growth rate to accelerate above the exogenously given growth rate of the world economy.

Keywords: economic growth, Russia, structure of economy, Labour productivity, structural policy