GOVERNMENT DEBT AS A CONTRADICTORY FACTOR OF ECONOMIC GROWTH

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Article seeks to substantiate the hypothesis of contradictory impact of government debt on economic growth. The objectives and related research methods are: empirical analysis and abstract logical analysis of the impact of the level of government debt on economic growth; cluster analysis of European countries in terms of their economic growth, government debt and government expenditure on economic affairs. Substantiated positive impact on economic growth in the following cases: constant or increasing in proportion to the GDP growth of government debt volume subject to gain or maintain the level of government expenditure on economic affairs; government debt level of stability at constant GDP increase and advance the government expenditure on economic affairs.