The key objective of macroeconomic regulation is to achieve sustainable economic growth and development in the long term. At the same time, within the framework of developing economies, the task of ensuring sustainable economic growth in the long term is faced with the failure of institutions, and as a result, with the inefficiency of the main mechanisms of macroeconomic regulation, especially those that have a long-term and ambiguous impact on the economy. The aim of the study was to assess the impact of fiscal policy on economic growth, as well as to find fundamental points of contact to increase the impact of the main instruments on economic activity by improving the transmission channels. The methodological basis of the study was a review of theoretical and practical models of the impact of fiscal regulation on economic growth, known in the scientific literature, as well as the approbation of the most optimal ones considered on the example of the economy of Armenia. The result of the study was the conclusion that in the current format, Armenia's fiscal policy does not have a proper positive impact on the pace of economic growth, which means it requires a radical revision and the need to develop an appropriate strategy aimed at ensuring sustainable economic growth in the long term.