Trends, risks and prospects for industrial complex development of south of Russia in new economic realities

  • Inna Mitrofanova Federal Research Centre the Southern Scientific Centre of the Russian Academy of Sciences (SSC RAS), Rostov-on-Don, 344006, Russia;
  • Olga Chernova Southern Federal University, Russian Information-Analytic and Research Water Economy Centre, Rostov-on-Don, 344006, Russia
  • Victoria Batmanova Volgograd State University International and Regional Economics Chair
  • Oksana Trilitskaya Volgograd State University
Keywords: ndustrial complex of South of Russia, industrial and agricultural regions, economic consequences of COVID 19, industrial development trends

Abstract


Events caused by complex crisis which became evident in regional economies as a result of the spread of COVID-19 have affected the manufacturing industry of the South of Russia. The purpose of this article is to identify and analyse the prospects for the sustainable development of industry in the South of Russia in the context of new economic trends. The methodological basis of the study is founded on the theory of shocks, which made it possible to place at the center of the system of cause-and-effect relationships a set of factors in business activity decrease, which are considered as shocks that form new development trends. The analysis revealed the presence of problems of production interruptions and break of supply chains, reduction in resource flows, as well as a decrease in effective demand for industrial products. According to the opinion of the authors, the prospects for the development of the industrial complex of the region are associated with the balance of market self-regulation and government regulation, and are also determined by the accumulated potential of the regional industry and available adaptive capabilities.

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Published
2021/12/02
Section
Original Scientific Paper