Prospects for the Post-Crisis Economic Recovery of St. Petersburg with Allowance for the Digitalization Factor

Abstract

Aim. The presented study aims to determine the prospects for the economic recovery of St. Petersburg after the recession caused by the COVID-19 pandemic with allowance for the digitalization factor and to evaluate directions for its development.Tasks. The authors theoretically analyze the impact of crisis factors on the economy of St. Petersburg and assess the prospects for its recovery with allowance for the digitalization factor; identify the factors of the economic crisis in Russia and St. Petersburg under the influence of the COVID-19 pandemic; describe the potential advantages of using digitalization tools to restore the economy of Russia and St. Petersburg.Methods. This study uses an integrated approach based on the economic-statistical and general scientific methods, methods of analogy, comparative analysis and systematization, as well as mathematical analysis and online survey.Results. Theoretical analysis of scientific literature makes it possible to assess the impact of crisis factors on the economy of St. Petersburg and prospects for its recovery in the context of digitalization. Factors of the economic crisis in Russia and St. Petersburg that has developed under the influence of the pandemic are identified, and the potential advantages of digitalization in the economic recovery of Russia and St. Petersburg are examined.Conclusions. It is determined that St. Petersburg has potential advantages in digitalization and the pace of introduction of digital technologies for economic recovery compared with other constituent entities of the Russian Federation. These advantages include the widespread use of broadband Internet by households, digital sales, intensive use of digital technologies in the business sector, advanced telecommunications infrastructure, etc. Some of the largest companies in St. Petersburg are successfully implementing a digital transformation strategy. Analysis shows the potential advantages and directions for the development of digitalization in the economic recovery of Russia and some of its regions, including St. Petersburg.