Measuring the Quality of Economic Growth

Abstract

With the exhaustion of extensive factors, the quality of economic growth becomes the most important criterion and a condition for the consistent furthering economic development and social progress in Russia. The diversity and multidimensional nature of the quality of growth implies the need to consider it from different perspectives: both as a result of a target development directions and as a prerequisite for current and future progress. At the same time, individual characteristics, included in the expanded concept of quality of growth as an essential element of sustainable development, are competitive, for example, inclusive development and growth dynamics. This study addresses characteristics of the quality of economic growth, mainly from its macroeconomic perspective: stability, efficiency, flexibility, progressiveness, social orientation, reducing differentiation. The author analyzed those characteristic-based indicators, and factors aimed at achieving those socio-economic goals. It is considered how these characteristics evolved at individual stages of economic development. Based on statistical calculations, it is concluded that there has been a slowdown in the quality of growth since the 2009 crisis, in contrast to the previous decade. The author indicates the factors of economic growth and improvement of its quality in the medium term, as well as the possibility of combining the requirements of inclusive growth and accelerating economic development.