THE PROBLEMS OF ACTIVATING THE INVESTMENT PROCESSES IN THE RUSSIAN ECONOMY
The present stage of the Russian Federation development which is characterized by low growth rates of GDP and unsatisfactory dynamics of investments updates the need to analyze the reasons of the economy slipping into stagnation condition. Recent years, the economy of the Russian Federation is gradually losing positions in the world economy, and, without taking adequate measures, it can get stuck in the trap of the stagnating economy and declining living standard for a long time.
The paper covers the points of view systematization presented in the scientific literature, complex analysis of processes in the investment sphere and identification of negative dynamics factors in investments. The comparative analysis of investment processes for the periods of 2000–2008, 2009–2013 and 2014–2018 allowed revealing two bearish waves of investment activity. The period of 2000–2008 is notable for its significant growth rates of economy and investments exceeding the average worldwide level. The second period (2009–2013) is characterized by the first bearish wave in the Russian economy. As a result, the growth rates fell below the average worldwide indicators. The second bearish wave (2014–2018) led to the stagnation of the Russian economy. As a major problem that caused the first wave appearance, it is necessary to identify structural problems, the depletion of export raw model. The second wave is caused both by old problems suspense and by the introduction of new ones, among which it is particularly necessary to distinguish the growth of geopolitical, economic and financial risks.
During the period of 2014–2016 companies’ financial resources which can be used to intensify investment activities increased significantly. At the same time, due to high risks, companies prefer to invest in financial assets against real assets. The decrease in risks level may enable companies to invest in fixed capital.
Rossiya i strany mira. 2018: statisticheskiy sbornik [Russia and countries of the world. 2018: statistical compilation]. Moscow, Rosstat Publ., 2018. 375 p.
Rossiya i strany mira. 2014: statisticheskiy sbornik [Russia and countries of the world. 2014: statistical compilation]. Moscow, Rosstat Publ., 2014. 382 p.
Frenkel A.A., Sergienko Ya.V., Tikhomirov B.I., Surkov A.A. Russian Economy in 2017–2019: The Prerequisites for a Breakthrough Have Not Yet Been Created. Ekonomicheskaya politika, 2018, vol. 13, no. 5, pp. 24–29.
Zagashvili V. Regulation of political investment risks. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2018, vol. 62, no. 7, pp. 48–56.
Frenkel A.A., Tikhomirov B.I., Sergienko Ya.V., Roshchina L.S. Russian economy in 2015–2017. Ekonomicheskaya politika, 2016, vol. 11, no. 5, pp. 198–233.
Dubinin K. Financial Crisis 2014–2015. Zhurnal novoy ekonomicheskoy assotsiatsii, 2015, no. 2, pp. 219–225.
Berezinskaya O. Investment break in the Russian economy: structural characteristics and turnaround perspectives. Ekonomicheskaya politika, 2016, vol. 11, no. 3, pp. 30–45.
Investitsii v Rossii. 2009: statisticheskiy sbornik [Investments in Russia. 2009: statistical compilation]. Moscow, Rosstat Publ., 2009. 323 p.
Investitsii v Rossii. 2015: statisticheskiy sbornik [Investments in Russia. 2015: statistical compilation]. Moscow, Rosstat Publ., 2015. 190 p.
Investitsii v Rossii. 2017: statisticheskiy sbornik [Investments in Russia. 2017: statistical compilation]. Moscow, Rosstat Publ., 2017. 188 p.
Rossiya v tsifrakh. 2018: kratkiy statisticheskiy sbornik [Russia in numbers. 2018: Summary of Statistics]. Moscow, Rosstat Publ., 2018. 522 p.
Aganbegyan A.G. Finances for modernization. Deng i kredit, 2010, no. 3, pp. 3–11.
Utkin B.E. Dynamics of investments in fixed capital of the world‘s leading countries. Ekonomicheskie nauki, 2016, no. 134, pp. 14–19.
Gnidchenko A.A. Import Substitution in Russian Industry: Current Situation and Prospects. Zhurnal novoy ekonomicheskoy assotsiatsii, 2016, no. 4, pp. 154–161.
Trukhachev V.I., Sklyarov I.Y., Sklyarova Y.M. Features of Investment Activity in Agriculture in the South of Russia and Ways of its Activation. Montenegrin journal of economics, 2018, vol. 14, no. 1, pp. 171–184.
Alexeev M., Chernyayskiy A. A tale of two crises: Federal transfers and regional economies in Russia in 2009 and 2014–2015. Economic systems, 2018, vol. 42, no. 2, pp. 175–185.
Alekseev A.N., Savenkov D.L., Shvakov E.E. Financial problems of regional development and the ways of their solution in contemporary Russia. Quality-access to success, 2018, vol. 19, no. 2, pp. 71–75.
Berdnikova L.F., Fatkullina E.R. The Financial Crisis of 2014–2015 and its influence on Russia. Molodoy uchenyy, 2015, no. 11.3, pp. 10–13.
Nikolaev M.A., Makhotaeva M.Yu. The role of the territorial factor in the economic dynamics. Ekonomist, 2015, no. 3, pp. 42–49.
Nikolaev M.A., Makhotaeva M.Yu. Investment activity of the regions of the SZFO in the conditions of the economic crisis. Vestnik Pskovskogo gosudarstvennogo universiteta. Seriya: Ekonomika. Pravo. Upravlenie, 2018, no. 8, pp. 3–9.
Regiony Rossii. Sotsialno-ekonomicheskie pokazateli. 2017: statisticheskiy sbornik [Regions of Russia. Socio-economic indicators. 2017: statistical compilation]. Moscow, Rosstat Publ., 2017. 1402 p.
Akhmedova I.D., Gyulazyan P.A., Kokoulina Darla M. Investment Climate of the Russian Federation: Key Factors and Development Trends during 2018–2020. Modern journal of language teaching methods, 2018, vol. 8, no. 11, pp. 882–902.
Matraeva L.V., Viktorovich S.P. Foreign Direct Investments Impact on Economic Growth in Developing Countries. TEM Journal-technology education management informatics, 2018, vol. 7, no. 4, pp. 731–737.
Minakir P.A., Suslov D.V. Foreign Direct Investment in the Economy of the Russian Far East. Economic and social changes-facts trends forecast, 2018, vol. 11, no. 3, pp. 41–56.
Gutnik A.V., Trofimova O.E. European investment in Kaluga region: features under sanctions. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2018, vol. 62, no. 9, pp. 81–87.
Nazvanova K.V. Investing and innovation development: main challenges and limitations (the Vladimir region case study). Ekonomicheskiy analiz: teoriya i praktika, 2015, no. 6, pp. 57–66.
Nikolaev M.A., Makhotaeva M.Yu. Basic components of investment safety and their assessment. Nauchno-tekhnicheskie vedomosti Sankt-Peterburgskogo gosudarstvennogo politekhnicheskogo universiteta. Ekonomicheskie nauki, 2017, vol. 10, no. 5, pp. 34–45.