Regional specifics of the economic growth for the regions having inherited the single-sector advancement practice

The paper considered the issue of regional growth for the primary branches of economy in the area of Khanty-Mansi Autonomous Okrug named UGRA. The study presented economic evaluation of the key branches of economy across the region and described the major economic factors of the Autonomous District. The Khanty-Mansi Autonomous Okrug named UGRA being a strategic region provides economic and energy assurance for Russia while accumulating financial resources required for the Russian economy’ growth. The Khanty-Mansi Autonomous Okrug UGRA has inherited a single-branch advance in producing oil and gas, with the strategic challenge of diversifying the economy of the region. Local specifics of the economic growth are as follows: climate constraints, remoteness for shipments, single-branch advance’ legacy, dependency on the world price for oil, under-developed infrastructure and many other factors impact on the economic growth of the region. The purpose of the study was evaluating the impact and describing regional specifics of the economic growth having inherited a single-branch economy, in the region producing oil and gas.