The structural factor of regional economic stability in Russia during the coronacrisis period

Abstract

Relevance. The coronavirus pandemic has lead to one of the most serious crises in the global economy. The significant disparities between Russian regions influenced the levels of morbidity and their strategies of containing the crisis. Research objective. The aim of this paper is to identify the factors of regional development which, during the pandemic and in the post-pandemic period, affected and will affect the economic stability of Russian regions. Materials and Methods. The research is based on the Rosstat data, industry reviews, materials from analytical and consulting firms, Russian and international research literature. The research methodology is based on the structuralist approach and the provisions of the new structural economics put forward by J. Lin. The methods of comparative, statistical, and structural analysis were also used. Results. The most significant factors in regional economic development are the structure of the economy and the quality of public administration at the national and regional levels. The high-tech sector in the structure of a regional economy plays a pivotal role in ensuring its stability in the times of crisis. The study shows the need for a transition to independent national value chains. It is also necessary to develop a long-term national strategy aimed at stimulating the structural transformation of regional economies. Conclusions. The study has demonstrated the importance of the two key factors in shaping the regions’ responses to the pandemic and the speed of their recovery – the structure of regional economy and the role of the government. These factors should be taken into account by the Strategy of the State Regional Industrial Policy.