Subject. This article deals with the issues of investment policy and formation of the social services market in Russia. Objectives. The article aims to analyze the relationship between demographic indicators and features of the economic development of Russia. Methods. For the study, we used general scientific research methods. Results. The article finds that the decrease in the fertility rate, the increase in mortality, and the increase in migration outflow are due to negative processes in the Russian economy. Conclusions. Each particular instrument of public policy (impact factor) should be focused on solving a specific problem. It is necessary to take into account the peculiarities of the regions of Russia, as well as the interests of various social groups.
Keywords: social impact, expected social effect, investment, theory of change
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