Ensuring the financial and economic security of Russia based on the adjustment of its internal economic imbalances

Abstract

In recent decades, the Russian economy has been experiencing serious challenges and threats that jeopardise its economic security. Over the years, there has been a noticeable decline in economic growth in the Russian Federation. This study investigates the internal problems of the Russian economy associated with the economic imbalance of its structure. Notably, the key issues of ensuring financial and economic security and the implementation of the economic strategy of the Russian economy concern increasing the efficiency of the use of its economic and social resources. So far it has not been possible to overcome the factor of the raw material orientation of the country's economy; it seems that in recent years this process has slowed down. This is due to some persisting imbalances in the structure of the country's economy. First of all, this can be attributed to the lack of balance in the incomes of the population. Further, as suggested by the study, the state budget is not sufficiently balanced for effective socio-economic development. The next important component of the structural balance of the economy is the condition for the proportionality of prices for vital goods and production costs for these goods. First of all, this implies a chain of interacting prices of socially significant goods and services, such as bread; gasoline; electricity; housing costs; salary; cost of housing and public utilities; residential rent; cost of housing construction (1-2 room apartments of economy class); transport expenses and some others. In conclusion, some recommendations are given for establishing proportions and ratios that contribute to the growth of labour productivity and reduce internal social tensions in society, ensuring economically safe and sustainable development of the Russian economy and society at increasing rates.