Modeling economic growth in contemporary Russia
Russia is one of the world's largest growing economies. With this exciting new growth and development, there is a wealth of knowledge to be discovered from the strategies and models being used and created throughout Russia’s economy.
Modeling Economic Growth in Contemporary Russia portrays and sets pieces of Russia's growth strategies to produce an extraordinary record of economic analysis. A leading expert in emerging markets, editor Bruno S. Sergi and a cast of experienced Russian academics offer a wealth of questions and critical examples on Russia that are delivered through a sound framework and provide unique knowledgeable support and interdisciplinary research about modeling a sound growth strategy for Russia. Through various chapters on financial development and economic growth, Sergi explores the fascinating landscape of Russia's economy, including chapters on green investment; education and inclusive development; sustainability; smart cities; international cooperation; and innovation-based growth.
For anyone interested in international economics, or students of emerging economies and markets, this is a fundamental study of an area that has never before been studied in such depth.
The purpose of the article is to study the recent tendencies of growth of Russia’s agro-industrial complex (AIC), determine the optimal scenario of its development, and develop recommendations in the sphere of state regulation for its practical implementation. While there are tendencies of growing production and increase in Russia’s export, against this background, there is a tendency of quicker increase of import of food – if it continues, positive balance of foreign trade of food products in 2018 will turn into negative balance in 2020–2024. Though efficiency of crop farming is peculiar for a tendency of quick growth, efficiency of animal breeding is stable, which does not allow overcoming the growing deficit of food in Russia, which grows under the influence of the tendency of wear of fixed funds and slow implementation of new fixed funds due to insufficient financing. Scenarios of mid-term (i.e., until 2024) growth of Russia’s AIC are compiled, of which the most optimal is scenario that requires technological advancements, due to which increase in the value of index of food security up to 85.00 points (27%) will be achieved and the set goals of growth and development of Russia’s AIC will be reached. For a successful optimal scenario of the growth of Russia’s AIC, we offer recommendations in the sphere of state regulation of its digital modernization: adoption of the national strategy of transition to AIC 4.0 within the program “Digital economy of the RF,” development of import substitution in the AIC with emphasis on B2B markets, preparation of the technological platform for transition to AIC 4.0, and sufficient financing for digital modernization of the AIC.
For at least the last 10 years, the Russian authorities have been declaring the need to move to an innovative path of economic development. The government actively initiates and applies various instruments and measures to promote innovation. However, the effectiveness of the Russian innovation policy is still in question. The chapter examines the evolution of state policy to foster innovation growth in Russia since 2000 and describes some sets of achievements and problems for different stages of this policy. In addition to analysis of changes in the innovation sphere at the macro-level, we discuss the primary motivations and limitations at the micro-level (firm level). As a result, the critical institutional barriers to innovation-based growth are revealed. In the same time, certain successes have been achieved in some sectors, and we consider various opportunities to improve Russian technological and innovation policy.