Abstract
Purpose: The objective of this paper is to analyze the dynamics of change in industrial production in Russia from 2008 to 2019 across a set of indicators characterizing structural changes in industry, specifically its extractive, manufacturing, and production and distribution of electricity, gas, and water sectors. Design/Methodology/Approach: The work provides a forecast of output in the three sectors of industry using methods such as Holt's method and factor analysis, with structural shifts projected using the methods of Szalai, Ryabtsev, Gatev, and Kazinets. Findings: The empirical results show further changes in the structure of industrial production in the Russian Federation and an increase in manufacturing production at the same time due to a decrease in production by the type of activity "Mining". Practical Implications: Investors who plan to invest in the Russian Federation should bear in mind that investments in manufacturing production are advisable. Originality/value: To initiate progressive structural changes, the development and qualitative transformation of the structure of the manufacturing industry is necessary
Highlights
Humanity’s massive leaps in technological development and innovation have provided an impetus for the development of the process of globalization, which, in turn, has led to the formation of a competitive global environment, giving rise to and stimulating the development of processes of integration
The use of the resource-based model of development has been fraught with the structure of the economy becoming more primitive and the role of technology, science, and education diminishing
The Russian economy has been faced with a number of long-term systemic challenges
Summary
Humanity’s massive leaps in technological development and innovation have provided an impetus for the development of the process of globalization, which, in turn, has led to the formation of a competitive global environment, giving rise to and stimulating the development of processes of integration. There, appears to be a need for adequate and efficient mechanisms for the development and protection of the national economy. Russia’s transition from an administrative-command economy to a market one has been characterized by the use of a special model of development – the resource-based model. The use of the resource-based model of development has been fraught with the structure of the economy becoming more primitive and the role of technology, science, and education diminishing. The country has witnessed strong differentiation between its regions and a lagging-behind of the sectors of its industry, as well as its technological and innovation sectors, which has made the Russian market highly dependent on foreign products, including technology. The Russian economy has been faced with a number of long-term systemic challenges
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