MODERNIZATION OF ECONOMIC INSTITUTIONS IN RUSSIA ON THE WAY TO FORMATION OF A GREAT EURASIAN SPACE

Abstract

Trans-regionalization is reshaping the global economy, moving away from traditional, geographically-based bilateral partnerships to forming mega-partnerships across continents, setting the stage for the world economy's future structure. This shift, particularly accelerated by the systemic crisis of 2020, has propelled a notable change in global economic dynamics. Russia's role as a catalyst in forming the new Eurasian Economic Partnership, through formal agreements with China between 2016 and 2020, exemplifies this trend towards a broader Eurasian integration. However, the creation of a cohesive Eurasian economic space encounters challenges, notably the need for modernization within Russia's economic institutions. This study addresses the critical issue of underdeveloped economic institutions hindering the acceleration of integration processes in Eurasia. It aims to dissect the prerequisites for trans-regionalization and pinpoint the main obstacles in modernizing Russia's economic framework to facilitate the emergence of an extensive Eurasian region. Employing statistical, graphical, and tabular analysis methods, the study scrutinizes the current integration processes in the global economy and evaluates Russia's institutional environment's role in fostering Eurasian integration. The findings offer insights into global integration trends and propose enhancements to the institutional landscape to speed up Eurasia's integration. The article concludes by identifying the structural issues within Russia's economic institutions and proposing modernization strategies, underscoring the novelty and significance of these insights in fostering the development of the Greater Eurasian space.