Instruments for Regional Policy Implementation in City of Saint Petersburg

This research aims to obtain results on the situation of socio-economic development of the city of Saint Petersburg, the main regional features of economic and geographical position of the region, as well as the existing competitive institutional and instrumental management advantages. The study of the tools for strategic goals’ achievement in relation to regional development and methods for effective implementation of infrastructure regional projects is necessary to understand the main factors shaping a high level of economic development of the region. The article is devoted to the analysis of socio-economic situation of the city of Saint Petersburg. The main trends of demographic sphere of region, as well as strengths, threats and challenges which economy of region faces were identified. The analysis reveals positive trends in socio-economic development of the city of Saint Petersburg. The author studied the guidelines indicated in the documents of strategic planning of the region. The existing instruments of economic stimulation of the region and main directions of its development, and also the results of economic instruments’ influence and mechanisms on economy of region were described. Special emphasis is placed on the study of the structure of the regional budget, its sources of income and additional possible sources of raising funds in the regional budget, paying attention to the development of new competitive economic activities. The author suggested recommendations on adaptation of existing instruments of regional development to modern challenges and competitive changes of economy. The author lists the following strategically important directions. They are the development of transport and engineering infrastructure linking the city and the region; formation of a common labor market and educational space; development of tourism and recreation among strategically important directions of regional policy implementation; preservation and development of historical and cultural heritage; support for small and medium-sized businesses.