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What the Regions Can Do to Overcome Stagnation and Rekindle Significant Socioeconomic Growth

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  • A. G. Aganbegyan

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

— The article discusses the crucial need to rekindle socioeconomic growth in Russia. It shows that the main directions on this path are financial boosting of investment in fixed assets and, to a greater extent, human capital. The state should put emphasis on technological re-equipping of the entire national economy, modern infrastructure, accelerated housing and social construction, and poverty alleviation. Mobilization of investment in fixed assets and knowledge economy is considered the main driver of socioeconomic development in regions and overcoming the present economic and social inequality. The potential advantages of investment lending, issuance of regional loans, and local budgets optimization are analyzed in detail. The article considers the opportunities regions have in improving the well-being of the population. Among the proposed measures are raising of the minimum wage, insurance in shared financing of housing construction, an adequate system of social benefits based on monitoring of needy families, and expansion of loans issued for education. The set of measures proposed by the author is supplemented by a set of necessary corrective measures in the face of serious risks involved in continuation of the COVID-19 pandemic and oil crisis. The article stresses a particular role of financial and monetary authorities in supporting business and the public.

Suggested Citation

  • A. G. Aganbegyan, 2020. "What the Regions Can Do to Overcome Stagnation and Rekindle Significant Socioeconomic Growth," Regional Research of Russia, Springer, vol. 10(3), pages 291-300, July.
    • Handle: RePEc:spr:rrorus:v:10:y:2020:i:3:d:10.1134_s2079970520030016
    DOI: 10.1134/S2079970520030016
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    References listed on IDEAS

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    1. Klimanov, Vladimir (Климанов, Владимир) & Deryugin, Alexander (Дерюгин, Александр) & Mikhailova, Anna (Михайлова, Анна) & Yagovkina, Vita (Яговкина, Вита), 2019. "Budgetary federalism: financial participation of regions in achieving national development goals [Бюджетный Федерализм: Финансовое Участие Регионов В Достижении Национальных Целей Развития]," Published Papers 021918, Russian Presidential Academy of National Economy and Public Administration.
    2. N. V. Zubarevich., 2019. "Spatial Development Strategy: Priorities and instruments," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
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    Cited by:

    1. Dequan Jiang & Weiping Li & Junli Yu & Ying Zhang, 2023. "Do governmental policy interventions help urban economic recovery? Experimental evidence from China's provinces governance amid the COVID‐19 pandemic," Growth and Change, Wiley Blackwell, vol. 54(2), pages 507-528, June.
    2. Z. I. Kalugina, 2021. "Social Development Risks of Siberia," Regional Research of Russia, Springer, vol. 11(3), pages 396-403, July.

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