Economic growth and inflation

The article examines economic growth, which characterizes the value increase in output in an economic system over a certain period of time. According to the authors, quantitative indicators of economic growth reflect only one aspect of the development of the economic system. To understand the ongoing economic processes, it is necessary to identify the qualitative characteristics of development, justifying the relationship of economic growth indicators with other macroeconomic indicators: inflation, the key rate of the Bank of Russia, unemployment, and others. This will allow us to assess the degree of balanced development of the entire economic system, its resistance to the disturbing effects of the external and internal economic environment. To ensure economic growth, a set of regulatory measures by the state is needed to support the activity of commercial structures. An analysis of various scientific and theoretical approaches of foreign and Russian economic scientists to the problem of achieving economic growth shows the relationship of this category with the instruments and methods of financial and monetary policy used by the executive authorities and the Bank of Russia. The article notes that the practical application of such methods does not fully meet the goals of economic development. The current model of the Russian economy is more consistent with the concept of oligarchic capitalism. This characterizes the increasing wealth of individuals and the social stratification of society. It is revealed that inflation occurs as a result of imbalance in commodity and foreign exchange markets. The objective basis and root cause of the inflationary process, according to the authors, is the devaluation of the ruble. Therefore, the inflationary process must be calculated taking into account the currency component (changes in the exchange rate).It is concluded that the problems of economic development have required drastic institutional changes in the country using a variety of financial instruments, special attention should be paid to the digitalization of economic processes, the implementation of major investment projects in the field of infrastructure.