Influence of external impacts on the dynamics of the industrial structure of gross regional product

Abstract

The article assesses the impact of the sectoral structure of the gross regional product of the Russian regions on the sustainability of regional economies to external crises (using the oil crisis and the spread of coronavirus infection as an example). Firstly, based on a comparison of the trends in oil prices and the gross regional product of Russian regions over the past 20 years, the paper determines that the oil crisis will affect the economic development of all regions, regardless of the specialization of the territory. Secondly, the study ascertains that regions, which have a high share of the raw materials industry and a low share of trade, transportation, and the financial sector, are more resistant to the consequences of the spread of coronavirus infection. Using the example of the Republic of Bashkortostan, the authors identify threats to the modern structure of the economy and the social sphere in terms of sustainability to external crises, and propose the directions of structural and spatial restructuring of the region’s economy to increase the stability of the regional economy.

Keywords

• crisis management
• coronavirus infection
• economic specialization
• economic sustainability
• gross regional product
• oil crisis
• region
• regional economy
• types of economic activity