THE ISSUES OF FORMATION OF GREEN ECONOMIC GROWTH INDICATORS

The concept of the green economy that has been forming for two last decades is intended to ensure simultaneous achievement of social, economic and ecological goals for various countries and regions. In this connection, the determination of standard indices, the selection of indicators and the development indices characterizing them and consisting of attribute and quantitative characteristics is the important issue when creating and implementing the concept of green economic development and growth. However, the issues of assessment and analysis of green development and growth using the system of indicators and simulation are not adequately presented in the native literature. The paper gives theoretical underpinning of the system of green growth indicators, which involves considering environment as the natural capital that provides the substantial contribution to the production and consumption of products as well as other forms of capital. Basing on the analytical study, the authors suggest reporting ecological services as manufacturing costs in traditional national accounts for production. In the result of the study, the authors determined following issues of assessment of the environment contribution to the social and economic development: underestimation of the role of ecological services and nature capital, the inadequacy and uncertainty of prices for them due to the lack of market for many natural resources and ecological services. The content analysis of literature allowed identifying two possible approaches to the development of indicators of green growth and development. One of them is to build the integrated consolidated indicator aggregating the information provided in the form of the index of environmental sustainability and welfare. Another approach is to remove indicators out of GDP to give the aggregate picture of economic growth sustainability and quality since the GDP reflects current income but does not take into account the key factors that determine the process sustainability, for example, the factors providing economic growth.