INSTITUTIONS IN THE DEVELOPMENT OF ECONOMY CATCH-UP

Abstract

The problem of economic growth is very important for most countries in the Eurasian economic space. In practice, during the whole period of economic science people studied the problems of economic development and the methods of its stimulation. This article contains the main points of economic growth theories and examines the factors that contribute to its improvement. From the point of view of the authors, the institutional theory of economic development reflects the modern realities most fully. In this regard, the article is paid special attention to the developing institutions, their classification according to functional and territorial basis, the basic ways of its functioning. Also, the authors present the basic directions of development of institutions to ensure the growth of priority sectors of the national economy, science and innovation to form the new structure of economic growth, which is especially important to improve the country's competitiveness in the global economy.