Importance Given the cyclical economic development, the high level objectives of economic policy pursued by the government authorities of the constituent entities of the Russian Federation are to ensure the stability and balance of regional socio-economic system and long-term sustainable growth under the global and Russian economic crisis and the sanctions introduced since 2014. Objectives The study aims to formulate guidelines for socio-economic development of the region under economic fluctuations on the Ulyanovsk oblast case. Methods In the study, I apply general scientific methods of research, the systems, comparative, and regression analysis. Results I offer a generalized scheme of regional economic policy implementation. It incorporates primary objectives of socio-economic system and rests on principles of freedom, expediency, democracy, equality, certainty, progress, and involvement of all members of society in achieving the objectives. Conclusions Innovation system and human capital are defined as top priorities for regional development. In the 'new normal' conditions currently existing in many countries of the world, including Russia, it is critical to apply the systems approach when pursuing the economic policy and ensuring the achievement of strategic objectives of the region, bearing in mind the cyclical nature of economic development.
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