Analysis of the state and perspectives of development of infrastructure as the main factor of economic growth in conditions of external constraints

Abstract

Purpose: identification of factors and trends of infrastructure development in the Russian economy and the prospects for its modernization and development. Discussion: the infrastructure is an integral part of the economy, the basis for long-term and sustainable development. The issue of infrastructure becomes particularly relevant in the period of crises. The efficiency of the national economy depends on the conditions and development of infrastructure. However, an implementation of infrastructural projects requires a large investment. But at the same time, the implementation of infrastructural projects allows the national economy to emerge from the crisis by activating production, and by reviving demand and consumption. That is why the development of infrastructure and construction of infrastructure objects is considered by countries as one of the basic functions. The infrastructure consists of hard infrastructure and soft infrastructures. The hard infrastructure includes objects of transport, communications, electric power generation and transmission, water supply, telecommunications, etc.; soft infrastructure is represented by the education system, the healthcare system, culture, sports, art, etc. Results: inadequate investment to the infrastructure objects over the past 20 years has led to a significant decline in the quality of Russian infrastructure, that was noted at the world economic forum in the global competitiveness report for 2013-2014 years. So, Russia's quality of infrastructure ranks 93rd (out of 144), while China is 74, and India – 85. The main problems of its low level are: underfunding, lack of structured infrastructure projects; Insufficient competence of customers and investors, especially in risks allocation and a profitability guarantee to private investors. In article were analyzed and justified factors and trends of infrastructure development as the main driver of economic growth and GDP in conditions of external constraints.