Economics at your fingertips  

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

A. G. Aganbegyan ()
Additional contact information
A. G. Aganbegyan: Russian Presidential Academy of National Economy and Public Administration

Regional Research of Russia, 2020, vol. 10, issue 3, 291-300

Abstract: 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.

Keywords: Russian regions; stagnation; economic growth; human capital; well-being; knowledge economy; financial investment incentives; regional budgets and programs; COVID-19 pandemic; oil shocks (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from
https://www.springer ... cience/journal/13393

DOI: 10.1134/S2079970520030016

Access Statistics for this article

Regional Research of Russia is currently edited by Vladimir M. Kotlyakov and Vladimir A. Kolosov

More articles in Regional Research of Russia from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2020-12-26
Handle: RePEc:spr:rrorus:v:10:y:2020:i:3:d:10.1134_s2079970520030016