The impact of tax and budget policy on the level of economic growth

Relevance of the research topic. In the current conditions of development of social relations, the issues of increasing the validity of fiscal policy, using its regulatory potential for the proper fulfillment of tasks and functions entrusted to them by state bodies and local self-government bodies are actualized. An important task of fiscal policy is to improve its instruments aimed at accelerating economic growth. At the same time, the peculiarities of the formation and implementation of fiscal policy in both the advanced and transformational economies are conditioned by a number of factors, the most important of which are: the level of economic growth and institutional capacity of the country. Formulation of the problem. Based on the transformation processes in the domestic system of public finances, the major tasks are: the reconciliation of fiscal policy with the strategic task of socio-economic development of the country, improving the architecture of budget revenues and expenditures; ensuring the concentration of limited budgetary resources in those sectors of the economy that will facilitate the acceleration of economic growth, which requires further scientific studies of theoretical and applied aspects of fiscal policy formulation and implementation, assessment of its impact on the level of economic growth. At the same time, the choice of fiscal policy instruments should be made taking into account the cyclical and dynamic economic processes. Analysis of recent research and publications. The problems of forming and implementing fiscal policy are quite common in scientific research. These are the works of well-known domestic and foreign scientists: J. Buchanan, W. Mitchell, J. M. Keynes, T. Bogolib, I. Zapatrina, L. Lisyak, I. Chugunov and others. Highlighting unexplored parts of a common problem. The aforementioned issues are updated due to the increasing globalization processes, the unfavorable external and internal economic environment, which requires a number of specific tasks related to the ...