Abstract
The article discusses the problem of sustainable development of the regional economy considering the consequences of the 2020 pandemic. The authors make an assumption about the stabilizing effect of the previously accumulated investment potential at the regional level. Regions with high investment potential have a high degree of the regional economy resilience. The object of the study was the dynamics of socio-economic indicators of investment potential in 85 constituent entities of the Russian Federation for the period from 2009 to 2018. To consider the long-term development trend of the region, institutional and sociocultural variables were added to the system of indicators of the regression model. The results of the regression analysis indicate the importance of only one of the tested institutional and social factors – the volume of issued housing mortgage loans. The affordability of housing for the region population can be an important factor in the sustainability of the regional economy and be considered as a key benchmark of the regional investment strategy.
Highlights
The article discusses the problem of sustainable development of the regional economy considering the consequences of the 2020 pandemic
A number of scientists are analyzing the impact of the 2020 pandemic on changes in the income and expenditures of the consolidated budgets of the constituent entities of the Russian Federation, as well as the level of their debt [2]
The studies note a decline in investment in most regions of the Russian Federation and an emerging trend towards concentration of investment in regions with maximum competitive advantages – in large regional centers and in regions dominated by industries with a high rate of return on capital
Summary
The consequences of restrictive measures within the 2020 pandemic, as well as their decentralized nature at the regional level, led to increase in differentiation of regions in terms of the level of socio-economic development. Researchers note a different degree of stability (resilience) of the region's economy development that is understood as resistance to the impact of Russian regions to external shocks [5] [14]. The greatest blow to regional budgets was made by decline in tax revenues from the mineral extraction tax In this regard, the economic consequences of the pandemic were most acutely felt by the resource-extracting regions of the Ural, Siberian and Northwestern Federal Districts [4]. The studies note a decline in investment in most regions of the Russian Federation and an emerging trend towards concentration of investment in regions with maximum competitive advantages – in large regional centers and in regions dominated by industries with a high rate of return on capital (oil and gas producing regions). The high investment potential of the region can serve with a prolonged effect, there is a need for a more detailed study of the factors of investment potential: economic, institutional, and sociocultural ones
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