Diversification of the Russian economy. The need to accelerate, foreign experience and the possibility of using it

V. V. Burlakov (), E. V. Golovin () and O. A. Dzyurdzya ()

RSUH/RGGU BULLETIN. Series Economics. Management. Law, 2021, issue 3

Abstract: Under present-day conditions, the economy diversification is one of the priority challenges facing the state. Solving that task will create an economy based on innovations, which will increase its competitiveness in the world market and take a significant step in the development of the national economy at the present stage of development. A new innovative economy that actively responds to any market and conjunctural changes can be created on the basis of profound transformations and broad modernization of the existing structure.The article discusses in detail the main reasons for the need to accelerate the diversification of the Russian economy: the finiteness of oil reserves, the worldwide trend of switching to cleaner fuels from the point of view of ecology, dependence on the policies of other raw materials exporting countries and the shortfall in income from oil exports caused, among other things, by, coronavirus infection. In addition, it is emphasized that the export of raw materials is characterized by low added value. The authors consider the examples of countries both following the path of the income restructuring and those that have already passed it. They also substantiate the necessity of creating conditions for the development of small business in various sectors, on the basis of which it will be possible to intensify the process of diversification of the Russian economy in order to increase its innovativeness and intensify further progressive development.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aca:journl:y:2021:id:311

DOI: 10.28995/2073-6304-2021-3-72-90

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