The significance and role of the public sector in the development of the modern Russian economy

The article examines the features of the public sector functioning, determines its role and importance in the development of Russian economy. Ensuring the performance of important socio-economic functions, public sector enterprises operate in strategically important sectors of economy, participate in job creation, produce goods and services, and contribute to the GDP growth. State-owned enterprises and corporations provide significant benefits to society, ensure the country’s defense capability. The authors analyze the functioning of the state sector of Russian economy, consider the structure of Russian enterprises and organizations by forms of ownership. The development of the state sector of Russian economy is investigated according to individual indicators, including the share of fixed assets of state property in all fixed assets, the average annual number of employees, the amount of investment in fixed assets of public sector enterprises. It is shown that taking into account only quantitative indicators does not reflect the full scale of the public sector of economy, and does not consider the output of large state-owned enterprises and corporations. An important role in the formation of modern Russian economy is played by the activities of state corporations, the key development indicators of which influenced the functioning of the public sector as a whole. By ensuring the performance of the reproductive, stabilization, innovation and investment functions in economy, state corporations support the development of strategically important sectors of national economy. Based on the results of the analysis of investment activities of large enterprises with state participation, conclusions are drawn about the need for the presence of these economic entities in the structure of national economy. It was revealed that the public sector of economy takes part in maintaining the economic security of our country, individual regions, thereby increasing the competitiveness and the level of well-being of society as a whole.