Sustainable development in the face of new strategic challenges

Ural State University of Economics, 620144, 8 Marta Str., 62, Ekaterinburg, Russia

^* Corresponding author: iluhiaa@usue.ru

Abstract

The study attempts to assess the economic potential of a large industrial region, the Sverdlovsk Region, as the basis for sustainable development in the new economic realities generated by the global pandemic of 2020 associated with the COVID-19 threats. As a hypothesis of the study, the assumption is considered that the sustainable development of the regional economy in the new conditions is ensured by the accumulated economic potential in the context of the coronary crisis trigger of contradictions. The aim of the study is to study and assess the economic potential of the Sverdlovsk region, the dynamics of its development in the face of new strategic challenges. To assess and predict the economic potential that ensures the sustainable development of the region in the context of the coronavirus-related trigger of contradictions, a study was carried out of relevant scientific publications by leading scientists in this field for 2019-20. The economic potential of the Sverdlovsk region was determined, calculated on the basis of a mathematical model, using statistical data on the following indicators: gross regional product per capita in thousand rubles; average life expectancy of the population in the region; the number of hospital beds and schools per 10 thousand population; the percentage of innovative products in the total volume of the region. Based on the data obtained, an econometric model according to Altman was developed to analyze and forecast the economic potential of the Sverdlovsk region. The calculated, accumulated economic potential undoubtedly provides opportunities for sustainable development even in the face of coronary crisis challenges of the economy. At the same time, it is very important to ensure an increase in the long-term structural rates of economic growth.