Assessing the Potential of Russia’s Manufacturing Industry

Abstract

The article reveals the relevance of the development and assessment of the manufacturing potential in facilitating economic growth. Methods for assessing the manufacturing industry are considered and the estimates are presented. In this regard, an econometric model was built that reveals the factors influencing its growth, which are: R&D, the rule of law, and trade openness. On the basis of the econometric model an assessment is made taking into account the benchmark countries selected according to the level of their economic and industrial development. The feasi- bility of achieving the obtained estimates is shown on the example of foreign countries.