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Factors of Investment Activity in the Russian Economy: Conclusions 2022

Author

Listed:
  • A. M. Kalinin

    (State Consulting Business Solutions LLC/SBS)

Abstract

— The dynamics of the Russian economy in 2022 did not develop along the trajectories expected in most forecasts. Investments in fixed assets, contrary to expectations, decreased slightly; some industries have seen growth. The article offers an analysis of the 2022 results from the point of view of justification of views on the factors determining investment dynamics. Based on the views on investment issues in Russian scientific publications preceding 2022, the processes that took place this year are presented as a set of shock events. Based on Rosstat data, descriptive statistics of investments in fixed assets are shown: the investment crisis that could have been expected from the experience of COVID-2019 or 2014–2015 did not happen. An assessment of investment activity factors from a business perspective is also presented (based on a sample survey conducted by Rosstat). For the factors of investment activity under consideration, signs (characteristics), which were compared with the dynamics of the index of the physical volume of investments in fixed capital were identified. The analysis was carried out using data and information from the Bank of Russia. The role of at least some institutional factors in Russian conditions is apparently not as great as is commonly believed: in the short term, even serious deteriorations in the institutional environment do not immediately lead to comparable changes in investment activity. The sectors of transport, logistics, and wholesale trade have shown sufficient flexibility and willingness to invest even in conditions of uncertainty. The greatest contribution to the dynamics of investment were apparently driven by the availability of resources, including credit (not only investment), the presence of confirmed effective demand and the technological dependence of Russian industries. It is important to focus in interests of stimulating economic growth especially on these areas.

Suggested Citation

  • A. M. Kalinin, 2024. "Factors of Investment Activity in the Russian Economy: Conclusions 2022," Studies on Russian Economic Development, Springer, vol. 35(1), pages 21-33, February.
    • Handle: RePEc:spr:sorede:v:35:y:2024:i:1:d:10.1134_s1075700724010052
    DOI: 10.1134/S1075700724010052
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    References listed on IDEAS

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    1. A. G. Aganbegyan, 2019. "On Immediate Actions to Reinvigorate Social and Economic Growth," Studies on Russian Economic Development, Springer, vol. 30(1), pages 1-9, January.
    2. Oleg Turygin, 2018. "Internal Sources to Increase Financing for Fixed Investments in a Company," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 1498-1511.
    3. Oreshkin, Maxim (Орешкин, Максим), 2018. "Prospects of Economic Policy [Перспективы Экономической Политики]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 3, pages 8-27, June.
    4. Yury Simachev & Mikhail Kuzyk & Nikolay Zudin, 2016. "Import Dependence and Import Substitution in Russian Manufacturing: A Business Viewpoint," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 10(4), pages 25-45.
    5. D. B. Kuvalin & A. K. Moiseev & P. A. Lavrinenko, 2017. "Russian enterprises in spring 2017: Slow restoration of investment activity against a background of economic stabilization," Studies on Russian Economic Development, Springer, vol. 28(6), pages 672-683, November.
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