Influence of innovations on regional socio-economic development

Abstract

The purpose of the work is to determine the influence of innovations on socio-economic development of regions of modern Russia and to determine the problems and develop recommendations for provision of innovations-oriented socio-economic development of modern Russia’s regions. The methodology of the work includes regression and correlation analysis – which are used for compilation of regression curves that reflect the influence of innovations on socio-economic development of regions. The research objects are regions of the Central Federal District of the RF, the research is performed on the basis of the 2017 data. As a result, it is determined that influence of innovations on socio-economic development of these regions is not only critically low and statistically insignificant, but is not always positive. Therefore, socio-economic development of Russia’s regions is not innovations-oriented. This is caused by such problems as lack of financing of measures in the sphere of innovations, violation of integrity of the innovational process in the region, foundation on state financing of innovations in region with insufficient control, and low interest of region’s companies in innovational development. In order to solve these problems, the complex of authors’ recommendations is offered, and the authors’ mechanism of innovations-oriented socio-economic development of region is compiled.