Evaluation of the Influence of Factors of the Regional Economic Development on the Gross Regional Product

Abstract

The problem of economic growth has always been central to the discussions not only of professional economists, but also of politicians and public figures. This issue is of particular urgency for Russia in the period of geopolitical turbulence, which is strengthened by the tendencies of protectionism in international trade. In addition, there is a different dynamics of economic growth, its quality, both in the sectoral and regional sections. In this regard, the analysis of the influence of the main factors contributing to economic growth, qualitative change in the structure of gross domestic product (GDP), gross regional product (GRP), has a significant applied value. Priorities of innovative quality of growth that require large-scale investments are stated in Strategy-2020 and in “Strategy of Social and Economic Development of the Republic of Tatarstan until 2030”.Without assessing the role of the investment resource, it is impossible to determine the strategies for the country's social and economic development, to develop and implement general state, sectoral and regional programs. One approach that makes it possible to quantify the degree of influence of such key factors of economic growth as investments and incomes of the population, including the average monthly wage, is based on the use of econometric models and economic interpretation of the coefficients of the models obtained

Current trends of investment climate impact on economic growth

“…In 2012, the amount was 5,891 million dollars, and in 2016fell to only $ 2,466 million. Also the authors of the paper previously estimated a twofactor logarithmic model (Table 3), which shows the dependence of GRP per capita on the average monthly wage and total investment per capita [11]. Checking the statistical significance of the coefficients, we can safely note that in both cases Prob<0.05.…”

“…The investment model of the development of Russia should have the following characteristics: the focus of the investment process on the new industrialization and innovation of the national economy, the combination of technological renewal, structural adjustment of the economy and change in the type of reproduction, to ensure sustainable and high-quality economic growth; high rate of capital accumulation; ensuring a new structure and quality of investments; maintaining the high role of domestic investment demand, using predominantly domestic resources, ensuring the unity of the country's investment space and national investment security [10,11].…”