Abstract

Innovation is a very important element of regional economic policy. It is of particular importance in the Arctic zone of the Russian Federation, where it can be one of the leading factors in its development, which is due to the importance of the AZRF as a whole. This article is devoted to assessing the relation-ship between investment in technological innovation by organizations and the development of the region’s economy. The following indicators were selected from statistical data and calculated for the implementation of the goal: the growth rate of investments in technological innovations, the growth rate of gross regional product and the labor productivity index for the regions of the AZRF. The present paper uses a regression-correlation analysis method by which correlation coefficients were calculated between the growth rate of investment in innovation and the growth rate of GRP, between the growth rate of investment in innovation and the productivity index, as well as the significance of their influence on the resulting signs. As a result, the main trends of investment processes in technological innovations in the AZRF from 2008 to 2018 were determined, the unique nature of the impact of investments in technological innovations on economic indicators in each individual region was established. It was also found out that the sectoral orientation of a particular territory does not unambiguously affect the correlation between the parameters under consideration. Based on the information obtained during the study, the author proposed a typology of the AZRF regions on the impact of investments in technological innovations on GRP and labor productivity, demonstrating the strength of both the relationship of these parameters in the region and the strength of the regional economy’s response to investment growth.

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