Abstract
The welfare of the population is largely dependent on the socio-economic development of the country. It is believed that the stronger the state’s economy, the higher the standard of living of the population. In the framework of this article, the socio-economic development of Russia in terms of the standard of living of the population is considered. It is concluded that over the past 5 years, despite an increase in the level of wages and per capita income, the standard of living of the population of Russia has decreased. The welfare of the citizens of Russia and the citizens of the BRICS countries is compared herein. It is concluded that the dynamically growing economies of India and China contribute to the improvement of the living standards of the population, while the problems in the economies of Russia, Brazil, and South Africa negatively affect the incomes of the population of these countries. The paper suggests incitement of the domestic demand as a factor in the development of the economy and thereby the standard of living.
Highlights
The socio-economic well-being of Russia, as well as the development trends of the national economy that have emerged over the years of market transformations, directly indicate the direct dependence of the country's competitiveness on the validity of strategic and tactical decisions that are made at all levels of the national socio-economic system (Sharafutdinov et al, 2019)
The transition of the Russian economy to the socio-economic development model determined the increase in the role of the human factor in the subject-object relations of a market economy, the importance of the formation of the middle class, it set forth the problem of welfare of the population, which, in turn, is determined by the volume of actual incomes of the population, the average monthly accrued wages of workers, inflation and unemployment, consumer prices, etc. (Gnezdova, 2019)
It is worth noting that in domestic practice under modern realities, the unfavorable trend in socio-economic http:// www.amazoniainvestiga.info development in Russia is observed: the population is differentiated by income, a high percentage of the population with the incomes below the poverty level, high unemployment rate, a decrease in actual incomes of the population, accompanied by the emerging growth trend in prices for food products, housing services, and utilities, the reduction in the savings ability of the population, etc
Summary
The socio-economic well-being of Russia, as well as the development trends of the national economy that have emerged over the years of market transformations, directly indicate the direct dependence of the country's competitiveness on the validity of strategic and tactical decisions that are made at all levels of the national socio-economic system (Sharafutdinov et al, 2019). In modern realities, in order to ensure a high level of well-being and socio-economic development, it is necessary to improve the state economic and social policy, which includes increasing the efficiency of the implementation of the mechanism for state regulation of incomes and expenses of the population (Glinskiy et al, 2018). The purpose of the study is to analyze and assess the level of socio-economic development of Russia over the past few years based on a study of the standard of living of the population.
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