Industrial development amid economic turbulence: strategic guidelines for single-industry regions

Natalya V. Pravdina (), Irina V. Danilova and Alexandr V. Rezepin
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Natalya V. Pravdina: South Ural State University, Chelyabinsk, Russia
Irina V. Danilova: South Ural State University, Chelyabinsk, Russia
Alexandr V. Rezepin: South Ural State University, Chelyabinsk, Russia

R-Economy, 2024, vol. 10, issue 3, 330-349

Abstract: Relevance. External shocks can disrupt stable industrial development and technological modernization, especially in open single-industry regions that are highly vulnerable to global market fluctuations. The dominance of a single sector results in structural inertia, making it difficult for these regions to shift their economic trajectory. This path dependence amplifies the risks posed by economic turbulence, highlighting the need for changes in the economic structure and strategic guidelines for regional industrial policies. Research objective. This study aims to describe the current, strategic, and future development paths for single-industry regions amid economic turbulence. It focuses on changes in the industrial profiles of metallurgical regions in Russia, including Lipetsk, Vologda, Murmansk, Sverdlovsk, Chelyabinsk, and Krasnoyarsk. Data and Methods. The research uses publicly available statistics from 2008 to 2021, grounded in regional development theory. Methodologically, the study relies on coefficient analysis, positional-dynamic analysis, and assessment of technological connections between sectors. Results. The study has detected significant differences in regional adaptation: Lipetsk and Chelyabinsk are shifting towards low-tech sectors, Sverdlovsk maintains its metallurgical focus, Vologda is balancing metallurgy and a medium-high-tech chemical industry, while Murmansk and Krasnoyarsk are transforming with a focus on low-tech mineral extraction. Promising specializations include machine engineering in Sverdlovsk and Vologda, as well as machine engineering and electrical equipment production in Lipetsk and Chelyabinsk. However, we found discrepancies between the declared strategic goals and actual priorities in Lipetsk and Chelyabinsk. Conclusion. The findings offer valuable insights for policymakers and authorities, helping to update strategies for fostering the growth of promising industrial sectors.

Keywords: economic turbulence; single-industry regions; industrial structure; technological relatedness of industries; industrial profile; development strategy (search for similar items in EconPapers)
JEL-codes: R11 R58 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aiy:journl:v:10:y:2024:i:3:p:330-349

DOI: 10.15826/recon.2024.10.3.021

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