The Magadan Region is located in the north-east of the Russian Federation — the easternmost and most remote part of the country from the center of Russia, and is part of the Far Eastern Federal District.

The production of the gross regional product (GRP) is one of the main macroeconomic indicators in assessing the state of economic development of the region:

— in 2018. GRP amounted to 170,723. 4 million rubles (at current prices), GRP per capita amounted to 1,196,690.1 rubles (at current prices).

The dominant economic activities of the region are:

• industry;
• power engineering;
• manufacturing industries;
• agriculture;
• marine management complex.

The strategy of socio-economic development of the Magadan Region until 2030 was adopted in 2020. The main goals of the socio-economic development of the Magadan region for the period up to 2030 are to ensure the accelerated sustainable economic development of the region, the preservation and development of human capital.

Ensuring the accelerated sustainable economic development of the region is based on solving such tasks as:

• building an efficient economy (development of priority sectoral areas of economic development, development of small and medium-sized businesses, development of export activities);
• ensuring environmental safety and rational use of natural resources;
• application of modern technologies in production;
• diversification of the region’s economy;
• development of the digital economy.

The priority sectoral directions of economic development of the Magadan region are the following:

• mining operations;
• electric power industry;
• agro-industrial complex and providing the population with high-quality food products;
• transport and logistics complex;
• creating safe and high-quality roads;
• fishing industry (fishing, aquaculture, processing);
• mechanical engineering;
• tourism.