E3S Web Conf.
Volume 159, 2020The 1st International Conference on Business Technology for a Sustainable Environmental System (BTSES-2020)
|Number of page(s)||9|
|Section||Chapter 6: Decent Work and Economic Growth|
|Published online||24 March 2020|
Influence of inflation on long-term economic growth in the context of the raw material orientation of the national economy
Al-Farabi Kazakh National University, al-Farabi Ave. 71, 050040 Almaty, Kazakhstan
* Corresponding author: email@example.com
In modern conditions for Kazakhstan, it becomes important to choose a development model that would be the most optimal and effective. When developing a model of economic policy, special attention should be paid to the choice of a system of indicators that could adequately describe macroeconomic processes as a whole and their interconnections. At the same time, economists argue that the implementation of the model approach can become the basis for strategic decisions only in a stable economic situation and when in the period under review the change in the cost structure of GDP is not distorted by high inflation. Therefore, in modern conditions of economic development, in our opinion, it is of interest to study the relationship between economic growth and the level of current and threshold inflation. This study substantiates the role of the threshold inflation level and proposes an equation of the functional dependence of this indicator on the main economic indicators. The necessary conditions for the implementation of the inflation targeting regime are disclosed. It is concluded that in conditions of commodity dependence, new effective monetary policy instruments are required.
© The Authors, published by EDP Sciences, 2020
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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