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Sakhalin caught up with Moscow in terms of economic health

Sakhalin caught up with Moscow in terms of economic health

Sakhalin Oblast almost caught up with Moscow in terms of the index of the current level of regional health. The Far Eastern entity took the second line in the ranking of the healthiest regions of Russia, only 1% behind the capital.

According to a joint review by the Expert RA rating agency and the Roscongress Foundation, which cite "News", according to the results of 2019, the Sakhalin Oblast showed the greatest positive dynamics - the region added 59% in the index of economic health dynamics. According to experts, it was influenced by the fact that Sakhalin is rich in raw materials, which affects the pace of economic growth and attracts investment.

The revenues of the consolidated budget of the Sakhalin Region in 2019 increased by almost 25%. This is primarily due to an increase in corporate income tax revenue, an increase in oil production under the Sakhalin-1 project and a tax base in dollar terms. According to Gulnazy Galiyeva, senior director for corporate and sovereign ratings of Expert RA, the region also has no public debt, real incomes, retail trade and the volume of paid services are growing.

Magadan Oblast is among the ten most economically healthy regions. This region is also rich in raw materials. Two more subjects of the Far Eastern Federal District are among the top ten outsiders. Among the unhealthy regions were Buryatia and Transbaikalia. These territories have an insignificant amount of raw materials, the corporate sector is not developed there and there is a dependence on budget injections.

According to the forecast of Expert RA analysts, in the medium term, the economic development of the regions will be affected by the implementation of presidential decrees to improve the welfare and quality of life of the population, as well as the implementation of national projects. However, coronavirus can spoil these plans: the risks of lowering trade with China, limiting traffic flows and lowering global demand for hydrocarbons will increase.

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