Importance Structural changes in the regional economy require new approaches to achieve economic growth. Regional authorities solve this problem by using a cluster approach to enhance the territorial development and competitive ability of the economy as a whole. Clustering the economy enables to achieve a number of competitive advantages, like cost reduction, formation of effective value chains, implementation of human capital and social projects etc. Objectives The study aims to establish the role and importance of clusters in the regional economic system (using a case study of the Ulyanovsk oblast). Methods In the work, we used the methods of theoretical knowledge, systems analysis, synthesis, and abstraction to reveal the nature of a cluster and its impact on the economic growth. Results We have calculated the impact of labor productivity and population size on Gross Regional Product, defined the nature of the cluster, its functions, strengths and weaknesses as applied to Russian business practice, highlighted main challenges, goals and objectives of the regional economic policy. The calculations revealed the behavior of GRP growth rates and GRP per capita. The integral method helped determine the influence of labor productivity on the gross regional product. The paper identifies major priorities of economic development of the region. Conclusions and Relevance We conclude that there is an interrelation between the creation of regional clusters and the economic growth. It is required to maximize the advantages of clusters to handle the vital problems of regional economy.
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