Creative Economy as a Key Element of Sustainable Territorial Development

The structure of the revenue side of the budget in the Russian Federation has been undergoing changes in recent years. If earlier, during the Soviet Union, the budget was mainly funded through tax revenues from industrial enterprises and sale of various raw materials for export. Later for several decades in various regions of the country, most industrial enterprises did not function, and people who previously worked in them began to work for small business or moved to other regions. In these conditions, funding the budget and raising the standard of living of the public was only possible through the development of non-production sectors of the economy. The article used empirical research methods such as analysis and synthesis, comparison, generalization, etc. to review available research, and firsthand experience of the authors of the article who developed creative spaces within the framework of various competitions held by the Agency strategic initiatives to promote new projects. In the past few years, support for industries related to the so-called creative economy has been gaining weight at the federal level. The article analyzed multiple publications on the topic and provided a rationale for the influence of non-productive creative sectors of the economy on the development of regions. In particular, due to the development of the tourism industry, the Baikal region has every chance of stable economic growth. As an example, there is project to develop rural tourism in the Republic of Buryatia as part of the competition for tourist and recreational territories, held in the Russian Federation in 2020 by the Agency for Strategic Initiatives, is given. Based on the study and the experience gained from participating in the development of tourist and recreational sector, we suggest that there is a possibility of increasing the budgetary, commercial and social efficiency of the development of territories by supporting creative industries.