To the issue about the factors of economic growth

Abstract

Purpose: the authors consider the problem of degree influence assessment of economic indicators on the overall economic growth. These indicators include GDP growth rate, employment rate, unemployment rate, GDP gain. Likewise the authors define the place of the Voronezh region against the Russian Federation. Discussion: the authors conduct the correlation and regression analysis of the 2011-2016 data for assessment the linkage between economic growth and unemployment rate. The authors conclude that the relationship between the factors above is an inverse one (fall in unemployment results in GDP (GRP) growth and vice versa). The authors obtain this result on the analysis of determination coefficient for the Russian Federation and the Voronezh region. Results: the analysis results confirm that unemployment rate in the country or in the separate entity effects on the economic development of the country as well as of the region. The authors also conclude that population employment is an important determinant of the labour productivity growth, which, in turn, has a positive impact on the country’s economy as a whole and contributes to the higher living standards. The successful achievement of the country’s economic development strategy depends on the economic development of the separate entity.