Promising economic specializations within a macroregion (the case of the Northwestern federal district)

The intensification of structural transformation of the economy in Russia and its regions in the context of geopolitical instability requires searching for the most promising types of economic activity that could become drivers of development in the new economic conditions. This premise is especially relevant for the Northwest of Russia due to the fact that the economy in this macroregion has been subjected to the strongest negative impact of foreign trade restrictions. Thus, the aim of our study is to determine sectoral priorities of regional development in the form of promising economic specializations within a single macroregion. To achieve the goal, we address the following tasks: to develop a methodology for searching for promising economic specializations at the macroregional level; identify existing sectoral specializations in the Northwest of Russia; outline the profile of promising economic specializations in the Northwestern Federal District, taking into account possible interregional interactions. Based on our own methodological approach, which is the novelty of the study, we identify promising value chains in the timber industry, machine-building industries and the chemical industry. According to the results of the study, we compile profiles of promising economic specializations for regions in the Northwest of Russia; this is also an original scientific result. Based on the analysis of global economic development trends, we identify potential market niches for the industries under consideration. In addition, we propose measures to promote the development of promising economic specializations in the macroregion. The findings of the study can be useful to a wide range of researchers in the field of sectoral and regional economics, as well as federal and regional authorities in the development and adjustment of various strategic and sectoral documents.