Economic Affairs
  • Year: 2023
  • Volume: 68
  • Issue: 4

The strategic role of the state in stimulating and supporting economic growth: Tools, policies and influence on the modern economic paradigm

  • Author:
  • Vitalii Kruhlov1,*, Olha Dzhyhora2, Yevhen Trubakov3, Vitalii Kotsur4, Zoriana Buryk5
  • Total Page Count: 16
  • Published Online: Jul 15, 2024
  • Page Number: 2289 to 2304

1Department of Sociology and Public Administration, National Technical University “Kharkiv Polytechnic Institute”, Kyiv, Ukraine

2Department of National Security, Public Management and Administration, Faculty of National Security, Law and International Relations, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine

3Department of Law, Interregional Academy of Personnel Management, Kyiv, Ukraine

4Hryhorii Skovoroda University in Pereiaslav, Pereyaslav, Ukraine

5Department of Public Management and Administration, Hryhorii Skovoroda University in Pereiaslav, Pereiaslav, Koretsky Institute of State and Law of National Academy of Science of Ukraine, Kyiv, Ukraine

*Corresponding author: virt197@gmail.com (ORCID ID: 0000-0002-7228-8635)

Online published on 15 July, 2024.

Abstract

The article examines issues related to the state’s role in economic growth stimulation in the context of the dynamics of global economic and technological development. Even though measures for state regulation of the economy are intended to create favourable conditions for accelerating economic growth, this process is closely related to numerous factors that can have both positive and negative effects on the results of stimulating and supporting economic growth. Also, the article touches on international models in the field of government regulation of the national economy, examines their main features, as well attempts to outline the peculiarities and uniqueness of economic development and the government’s role in the economy in the era of information society.

• The role of the state in economic growth depends on various factors, including the level of economic development, economic activity, and national characteristics. It is necessary to find an optimal balance between state incentives and market forces. Different approaches to state investment policy and their impact on different stages of economic development are discussed, the importance of adapting strategies to historical and institutional contexts is emphasized.

Keywords

Economic growth, Regulation, Stimulation, Information society, Economic policy, Digital economy