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Aim. To analyze the degree of investment impact on economic growth in modern Russia. Objectives. To study the multiplier effect as a key tool for stimulating economic activity and creating new jobs, developing innovations and reducing social inequality; to identify its significance for the national economy in modern conditions of inherent uncertainty. Methods. The research is based on the empirical study of the multiplier effect and gas pedal effect on the materials of the modern Russian economy. The analysis is based on the use of dynamic time series, definition of dependent and independent variables in the context of identified correlations between them. The data of literary sources on the assessment of the impact of the investment multiplier effect on economic growth were also studied. Results. The multiplier effect can have a significant impact on the formation of the structure of the economy, contributing to an increase in production, reducing unemployment and improving the standard of living of the population. The study of this effect allows us to better understand the mechanisms of economic functioning and develop recommendations for optimizing investment policy to achieve sustainable economic growth, which is important for modern Russia developing under sanctions pressure. The study of paired regression revealed a mathematical relationship between the increase in investment in fixed capital and the growth of gross domestic product (GDP), as well as between GDP growth and the increase in investment in fixed capital. The high correlation coefficient ( r = 0.945896) and coefficient of determination ( R² = 89.47 %) confirm that there is a strong relationship between fixed capital investment and GDP. This indicates that most of the changes in output can be explained through changes in fixed capital investment. Conclusions. The results of the analysis confirm the importance of investment in fixed capital as a key factor of economic growth and development in modern Russia. Strengthening investment activity allows not only to increase the level of economic development as a whole, but also contributes to the creation of favorable conditions for sustainable growth of income of the population, innovation activity, etc. In this regard, investment stimulation should become one of the priorities in the current Russian economic policy.
Боркова et al. (Sun,) studied this question.