THE REASONS FOR THE STAGNATION OF THE RUSSIAN ECONOMY: ON THE DEVELOPMENT AND MODERNIZATION OF THE INDUSTRIAL SECTOR
Skryl T.V.1 (Moscow, Russian Federation) – E-mail: Skryl.TV@rea.ru
1Plekhanov Russian University of Economics
Abstract. The study is based on the consideration of the causes of the stagnation of the Russian economy from the point of view of solving the problems of development and modernization of industry. The industrial sector is subject to a high level of influence of economic, financial, and political factors, which determines the need for its sustainable functioning. At the same time, the destabilization of the financial and economic situation in Russia, the pandemic of the COVID-19 coronavirus infection has adjusted the tasks of the development of the industrial sector, which clearly actualizes the need to optimize the system of state support measures. The purpose of this study is to determine the results of the industrial revolution version 4.0, to identify the main risks associated with the widespread spread of innovative industrial technologies, as well as to provide evidence that the reason for the stagnation of the Russian economy is the presence of structural problems in industry and inconsistency of government policies to overcome economic stagnation. Results. During the period of economic stagnation, it is important to skillfully and timely apply the tools of the state stabilization policy. The analysis of the results of the use of various stabilizing tools has shown the effectiveness of stabilization policies that have been applied for 20 years in Russia and their impact on the development of the industrial sector of the economy. Conclusions. Despite the stability of the industrial sector, the overlapping interests of the state, business and society force the development of self-regulating economic mechanisms that consider the asymmetry of information distribution (sanctions) and the chaotic use of stabilization policy instruments.
Keywords: stagnation, modernization, development, industry, crisis, sector, stabilization policy, instrument, infrastructure, sanctions, overlapping interests.
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Skryl T.V. The reasons for the stagnation of the Russian economy: on the development and modernization of the industrial sector. CITISE, 2022, no. 2, pp.65-74. DOI: http://doi.org/10.15350/2409-7616.2022.2.05