Research Full Article

UDC 339.7

Abstract. The article discusses the content of the term “economic miracle”. According to the theory of economic growth, the “economic miracle” should be defined by the rapid growth of per capita income, which is significantly higher than the average income level worldwide. The thesis lists the countries that have passed the stage of the “economic miracle”: Japan, Korea, etc. The opposite of an economic miracle is an economic catastrophe, when growth rates are significantly lower than the global average or even negative. The sanctions applied against Russia assumed that its development would enter the stage of economic catastrophe, but the sustainable development index shows a trend of steady growth. Since an economic miracle, in the traditional sense, primarily implies economic growth, nevertheless, the authors believe that the process of sustainable development under sanctions can also be described as an “economic miracle”. Methodology. The research was based on the theory of economic development, the concept of sustainable development, the theory of competition, methods of regression and correlation analysis, historical and comparative analysis were used. Conclusions. The “economic miracle”, as an indicator, should have quantitative and qualitative characteristics. The quantitative indicator is the growth rate, and the qualitative indicator is the stability of the growth rate. The historical constant has been confirmed= the proverb: “Whoever comes to us with a sword will die by the sword”.

Keywords: economic miracle, economic growth, economic development, economic crisis, sustainable development, economic sanctions, Russia, Japan, Korea, Singapore

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