The European Proceedings of Social & Behavioural Sciences EpSBS. 2019. Volume LXXVII. No: 48
The unsatisfactory dynamics of the Russian economy between the crisis periods and a significant decrease in the most important socio-economic indicators during the crises actualizes the search for directions of sustainable development. In the scientific literature and in the program documents of the constituent entities of the Federation, the transition to an innovative strategy is considered as such a direction, and cluster initiatives are considered as the main tool for its implementation. Considerable attention is also paid to improving the investment climate and the formation of network structures of settlements of various levels. At the same time, given the low level of innovation activity in the economy, at present, innovations do not act as a significant factor in the sustainable development of regions, and the formation of clusters is mainly aimed at modernizing traditional sectors of the economy. The transition to an innovative strategy should be considered as a promising direction for sustainable development. Currently, the main direction is the activation of investment activities. The analysis of socio-economic processes in the regions of the Central and North-West Federal Districts (CFD and NWFD) made it possible to single out the following levels of regional economic stability: high, medium, low and promising. Long-term sustainability occurs with a decrease in GRP amid growing investment, as well as a high or medium level of innovative activity.