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DIVERSIFICATION AS A TOOL FOR ECONOMIC DEVELOPMENT IN TIMES OF CRISIS

Mikhail P. Burov, Valentin Vershinin

First published: 2020-09-20https://doi.org/10.5593/sgem2020/5.2/s21.019View metrics

Abstract

On the base of a detailed analysis the political and social factors in the development of the world economic system, the authors is concluded that the impending global economic crisis may negatively affect the Russian economy. The analysis of the current economic and socio-political situation in Russia given in the article allowed us to identify a number of main directions of the country's development that can ensure the stability of its economy in the conditions of the impending crisis. The authors argue that in modern Russia, the "vertical" management of the structural economy works mainly, but the time is forces us to actively develop "horizontal" inter-regional interactions. These realities require transforming the current management of the structural economy. In Russia, in the current crisis conditions, the authors of the article argue, we need clear and consistent structural and institutional modernization, and first, reformatting the existing resource economy into a development economy, as required by the country's leadership. The Russian Federation must make a breakthrough into the future, and for this to happen, the national economy needs to diversify in a timely manner so that it can expand and master new areas of economic development, including land and rethinking market relations.

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Publication details

Title
DIVERSIFICATION AS A TOOL FOR ECONOMIC DEVELOPMENT IN TIMES OF CRISIS
Authors
Mikhail P. Burov, Valentin Vershinin
Proceedings
SGEM International Multidisciplinary Scientific GeoConference EXPO Proceedings; 20th International Multidisciplinary Scientific GeoConference Proceedings SGEM 2020, Ecology, Economics, Education and Legislation
Publisher
STEF92 Technology
Year
2020
Pages
161-168
SWS Citekey
Burov202021161168
ISSN
1314-2704
ISBN
978-619-7603-11-8
Language
en
Publication type
Conference Paper
Keywords
References11
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