Patsiorkovsky V.V. Monetary authorities face difficult challenges. In: Incomes, expenses and savings of the population of Russia: trends and prospects. Collection of materials of the V International scientific and practical conference (Moscow, December 3, 2019) ...

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Abstract

Economic growth is one of the three main directions of development laid down in national projects. At the same time, it is believed that national projects in the medium term (until 2024) will provide the required annual economic growth of GDP of 4% and more. Such assumptions are correct provided that the constraints that hold our economy down are caused by traditionally operating internal (imbalances, demography, etc.) and external factors (falling oil prices, sanctions, etc.). It is a different matter if we assume that the constraints on the acceleration of our economy include factors introduced by the ongoing monetary policy. In this case, the following hypothesis is appropriate: The tendency for the ruble to strengthen, inflation of 8-10% per annum and a steady recovery growth of household income to the level of 2014 are necessary conditions for accelerating economic growth. Only when these steps are implemented, the whole range of other measures and mechanisms, including national projects, can give the maximum effect of economic development.

Content (in russ)