Essence and indicators of sustainable economic growth: regional aspect

This article is devoted to clarifying the essence of sustainable economic growth, characterizing the key factors that determine the growth rate of the gross regional product, as well as assessing the sustainability of economic growth rates. The methodological basis of the study is the provisions of the theory of economic growth. Based on the use of the correlation-regression method, it was found that there is a direct and fairly close relationship between the growth rate of the gross regional product and the growth rate of investment in fixed capital. To assess the sustainability of economic growth at the regional level, the coefficients of variation in the growth rates of the gross regional product and the growth rates of investments in fixed assets were calculated. On the basis of the obtained results, a conclusion was made about the incomplete sustainability of economic growth at the regional level. The unstable nature of the actual growth rate of the gross regional product is a consequence of the instability of the growth rates of investments in fixed capital. The article notes that it is possible to overcome instability by increasing the efficiency of managing the processes of accumulation of fixed capital, by implementing direct or indirect regulation of the process of investing in fixed capital. The results of the study and the conclusions drawn can be used in the development of an investment model of economic growth at the regional level and a mechanism for managing sustainable economic growth in Russian regions.