Diversification as a Factor in the Efficient Economic Development of the Republic of Sakha (Yakutia), Russia

This article empirically substantiates an approach to the diversification of the regional economy of the Republic of Sakha (Yakutia). The authors used data samples for all Russian regions to determine cause-and-effect relationships between the development indicators of the mining, manufacturing, and...

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Bibliographic Details
Published in:Journal of Eastern European and Central Asian Research (JEECAR)
Main Authors: Popov, Anatoliy A., Karataeva, Tamara A., Danilova, Elena V., Myreev, Anatoliy N., Sergeeva, Valentina V.
Format: Article in Journal/Newspaper
Language:English
Published: Institute of Eastern Europe and Central Asia 2022
Subjects:
Russia
Yakutia
economic diversification
regional economy
gross regional product
construction
manufacturing
mining
Sakha
Republic of Sakha
Online Access:http://ieeca.org/journal/index.php/JEECAR/article/view/915
https://doi.org/10.15549/jeecar.v9i2.915
Description
Summary:This article empirically substantiates an approach to the diversification of the regional economy of the Republic of Sakha (Yakutia). The authors used data samples for all Russian regions to determine cause-and-effect relationships between the development indicators of the mining, manufacturing, and construction industries. The authors applied regression analysis and the VAR-model to assess the impact of the diversification of the regional economy on the gross regional product regarding the manufacturing, mining, and construction sectors. The obtained results proved the feasibility of diversifying the regional economy for its stable economic development, especially in the long term. This paper presents a universal approach to assessing the region's long-term economic development through the diversification of its economy.

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