Potential for Household Development in the Depressed Regions of Russia

Abstract

The research subject covered in the article is household economy in the depressed regions of Russia. The study aims to define and analyze the effective methods for involving households in a small business enterprise. The research is becoming increasingly urgent and its relevance lies in the fact that the study is intended to determine in theory and adjust timely in practice (at the state level) the production component of the household activities that affects the standard of living and the economic development of the country. Much work remains to be done in the depressed areas of the Far East, which are adversely affected by the downturn in business activity and population migration. Research methodology is comprised of a thorough search for the scientific data, statistical analyses as well as systematization and generalizations of the research findings focused on identifying the current trends and their interpretation, supported by forecasting and planning. The scientific novelty of the study lies in providing analytical information on the interpretation of the economic performance of the country through household involvement in a small business enterprise as real indicators of the country’s economic growth. From the results obtained, we can conclude that the current economic situation in the Far East is not favorable compared to other regions of our country. However, the Far East certainly has the potential to overcome its depressive hurdles and foster the growth and prosperity.