Socio-economic development of Northern and Arctic regions of the Far East: potential, problems and solutions

The article is focused on the rich resource potential of the northern territories of the Republic of Sakha (Yakutia), Magadan and Chukotka Autonomous District, the development of which has been hampered by the lack of infrastructure and investments. The most acute social problem in the Northern and in the Arctic regions of the Far Eastern Federal District is a decline in living standards. The analysis has shown that a relatively high income does not really provide a high standard of living, as the purchasing power of income (relative to the subsistence level) is actually even lower than the national average. The Magadan Region and Chukotka Autonomous District are formally occupying a leading position on a common housing area in Russia. However, if we exclude the old housing, we will see that the supply of housing is actually below the national average, as well as the life expectancy at birth. The author offers a number of measures able to improve the living standards of the Northerners.