Article - Problems of Modern Economics

Demidova S. E.
Associate Professor of the Department of Public Finance, Financial University under the Government of the Russian Federation (Moscow), PhD (Economics)
Kulachinskaya A. Yu.
Associate Professor of the Higher Engineering and Economic School, Peter the Great St. Petersburg Polytechnic University, PhD (Economics)
Svetlichnyi S. V.
BA student, Moscow Technological Institute

Economic growth of EAEU countries: Factors of influence (Russia, Moscow, St. Petersburg)

The article analyzes the influence of public debt on economic growth in the EAEU countries using data for a 23-year period, between 2000 and 2022. The public debt indicator is evaluated through the gross debt of the public administration sector; for the analysis of economic growth the author uses the real growth rate of per capita GDP. The results of the study show that the increase in public debt is inversely related to economic growth, the estimated state debt coefficients were negative, while the scale of the negative impact on economic growth differed. The impact of other factors that determine the economic growth through a set of control variables revealed a positive and statistically significant influence of investments in all countries over the period between 2000 and 2022. The article shows that in the process of implementing the policy of budget stimulation, a free fiscal space can ensure an increase in state investment. Given these conclusions, monitoring the level of public debt and an increase in investment to support economic growth are of great importance.

Key words: economic growth, public debt, EAEU, fiscal space, investment

Pages: 36 - 40

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