The Impact of Labor resources on the Economic Development of the Regions of the Volga Federal District

Abstract

There are various strategies developed by scientists to form criteria that contribute to stabilising the Russian economy and its growth. A strategy aimed at socio-economic transformation is used to increase the economy's growth rate. Despite this, there is a differentiation of the industrial sector and the economic and infrastructural stratification of the regions. In this regard, many social problems and conflicts have appeared. To resolve these conflicts in the Volga Federal District (VFD) regions, it is necessary to improve the quality of the socio-economic environment by implementing appropriate development strategies. It is necessary to form a system of effective interaction between the regions, contributing to the normalisation of socio-economic relations. To form this type of strategy, it is necessary to have a detailed analysis of the development of the region, as well as to understand the specifics of the processes taking place in the region. The problems of the influence exerted on the economic development of the regions of the Russian Federation as a whole in some cases are aggravated by regional specifics, as well as increased interregional competition for labor resources. The article analyses the labor resources and their impact on the economic development of the regions. The problem of reducing the number of labor resources in the regions has been identified, directly related to the regions' demographic situation and the population's standard of living, and the most important economic indicator the gross regional product (GRP). Recommendations are given for solving the problems of labor supply in the regions and ways of economic development of the regions. The characteristics of the Volga Federal District regions are compared with the Chuvash Republic indicators for clarity, which helps to notice a significant difference between the regions. The instability of the socio-economic situation in the region caused by the COVID-19 pandemic is shown, which directly affected the reduction of the population and the reduction of the labor resources of the population and the quality of life of the population. This article presents the results of the analysis of socio-economic problems, due to the existence of which there is a reduction in the labor resources of the Volga Federal District and the impact on the economic situation.