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New Normal in Russian Economy: Regional Specificity

Author

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  • Yakova Silin
  • Yevgeniy Animitsa
  • Natalya Novikova

Abstract

The main objective of the article is to study the concepts of “New Normal†, “New Industrialization†and the questions of formation and development of the productions of the fifth and sixth technological modes in the regional economic area. Substantive expansion of “New Normal†concept was argued, it became popular during the global financial and economic crisis of 2008. The logic of transformation to a “New Normal†is true not only for the world economy, individual countries and regions, but also for the Sverdlovsk region. The scientific hypothesis of the article consists in the identifying the characteristics of “New Normal†at the regional level and showing the possible directions of transformation from a «New Normal†situation using the concept of new industrialization for the regional economy. The main features of “New Normal†in the region were identified and analyzed. There are, for example, the slow growth of industrial production, the reducing of the investment climate, the low dynamics of metal prices. It is proved that the realization of the concept of new industrialization in the region can become the most attractive answer to the challenges of «New Normal». The need for the integration of the processes of new industrialization with the formation and development of the productions of the fifth and sixth technological waves is proved. The article is focused on the possibility of the transformation of the Sverdlovsk region in the region of the technological breakthrough of the 21st century. It is demonstrated that during 15–20 years, the priority will be the development of the productions of the fifth and sixth technological waves that will be based on the high-tech production of military-industrial complex, nuclear energy as well as nanotechnology and nanomaterials. It is proved that at this time, the model of innovative development of the region may be realized. It is able to lead the regional economy out of the labyrinth of “New Normal†and to move it to a new growth path.

Suggested Citation

  • Yakova Silin & Yevgeniy Animitsa & Natalya Novikova, 2016. "New Normal in Russian Economy: Regional Specificity," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 714-725.
    • Handle: RePEc:ura:ecregj:v:1:y:2016:i:3:p:714-725
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    References listed on IDEAS

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    1. Amitai Etzioni, 1983. "Reindustrialization Of America," Review of Policy Research, Policy Studies Organization, vol. 2(4), pages 677-694, May.
    2. D. Medvedev., 2015. "A New Reality: Russia and Global Challenges," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
    3. Yudaeva, Kseniya, 2010. "New normal for Russia," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 196-200.
    4. Medvedev, Dmitry, 2015. "A new reality: Russia and global challenges," Russian Journal of Economics, Elsevier, vol. 1(2), pages 109-129.
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    Cited by:

    1. Viktor I. BARKHATOV & Darya S. BENZ, 2019. "Industrial markets of the Ural region: Economic growth under “new normal”," Upravlenets, Ural State University of Economics, vol. 10(3), pages 83-93, July.

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