ASSESSING THE IMPACT OF COVID-19 AND SANCTIONS ON THE ALTAI ECONOMY: A RECESSIONARY PERSPECTIVE

Abstract

In recent years, the crisis in the domestic economy, caused by COVID-19 (2019-2020) and the tightening of sanctions imposed by the US government, EU countries, and others, has affected the Russian economy and the economy and social sphere of the Altai Territory. This article aims to identify the dynamics of the region’s economic performance and critical parameters of the social sphere from 2017 to 2022, assess the state of the situation, and make short-term forecasts for its development.
 The crisis of the domestic economy in recent years, caused by the COVID-19 (2019-2020) and the tightening of the sanctions imposed by the USA government, EU countries and some others, could not but affect the Russian economy, in particular the economy and social sphere of the Altai Territory. In this article, the authors made an attempt, based on the economic performance of the industries of the region and the critical parameters of the social sphere, to identity the dynamics in the period 2017-2022, to assess the state and short-team forecasts for the development of the situation.
 The authors suggest that the way out of the recession is possible through an increase in innovative activity among industrial enterprises, implementation of an import substitution program, development of consumer goods production through investment, and the attraction of savings from the population. By implementing these measures, the authors believe that the Altai economy can recover and improve in the future.