Investments in the Innovative Development of the Russian Economy: Analysis of Dynamics and Growth Problems

Abstract

The current socio-economic situation in Russia is developing under the influence of anti-Russian sanctions, intensification of global competition, and complication of the world political situation. Against the backdrop of a complex problem that requires a comprehensive and systemic solution, it is to ensure sustainable parameters of economic growth. As the economy has a tendency to repeat the dynamics, it allows us to identify the cyclical nature of its development. Successful industrial development is replaced by periods of decline, accompanied by inflation and unemployment, a decline in production and consumption. The study of socio-economic dynamics in a long-term retrospective allows us to identify patterns in development and develop a set of anti-crisis measures. In this work, the dynamics of socio-economic processes that accompany the development of the national economic complex in recent years has been studied. Analysis of the dynamics of the GDP of the Russian Federation made it possible to discover the cyclical nature of its development. From 2002 to 2015, two cycles were identified: The first from 2002 to 2008; the second - from 2009 to 2015. After the global financial and economic crisis of 2008–2009, Russia noted the post-crisis economic recovery, which was interrupted in 2013–2014 by the introduction of international economic sanctions against Russia. The slowdown in economic growth since 2014 was determined by external shocks in the energy and raw materials markets, as well as geopolitical tensions and, as a consequence, the closure of foreign capital markets for a number of Russian companies and banks. Analysis of investment as the main catalyst for economic growth showed a fall in investment volumes amid the effects of the crises of 2008 and 2013–2015. A decrease in investment activity in the regional structure of investments was noted. The modern tendencies in reorientation of regional investments in the branch, not subject to sanctions influence and working on realization of import substitution policy are revealed. Groups of activities aimed at stimulating capital investments and ensuring sustainable economic development in the regions have been formed.