Regional Features of Russian Gazelles During the Pandemic

Abstract

In the context of global turbulence, the Russian national economy needs positive economic practices of resilience and subsequent development. This need is even greater in regional economies, where a few relatively small growth points, including high-growth firms (HGFs, ‘gazelles’), can become drivers for the entire region. The study analyses the performance of high-growing firms and their impact on regional resilience during the acute phase of the global economic crisis caused by the COVID-19 pandemic (2020–2021). A sample of 11,940 firms (including 403 HGFs) in Sverdlovsk, Vologda, Kurgan, Lipetsk, Orenburg, Chelyabinsk regions, Krasnoyarsk krai and the Republic of Bashkortostan was examined. The research uses such approaches as estimation of the shares of HGFs by number and output and assessment of correlation using the nonparametric method of Spearman’s coefficient. The share of HGFs in the sample as a whole and for each region is consistent with global trends (2-4 %). The industrial structure of high-growth firms differs across regions, meaning that HGFs manifest themselves individually in various regions. ‘Gazelles’ demonstrated a greater ability to preserve jobs during the pandemic in most regions of the sample. For example, while an average employment growth rate was 2 % in 2020, this figure was 25 % for HGFs in Krasnoyarsk krai and Sverdlovsk oblast. During economic recession, ‘gazelles’ positively affect regional resilience in such activities as transport and storage, wholesale and retail trade, and mining. The result is the opposite for manufacturing: a larger share of high-growth companies was characteristic of regions with slower output growth rates for this type of activity in 2020–2121. The findings can be used to substantiate the significance of developing and implementing government support programmes for HGFs at the federal and regional levels.