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The paper briefly shows the pre-reform state of the economy of the Irkutsk region and its negative features. A conclusion is made about the need for its restructuring. Possible ways of economic restructuring are: 1) rise of light and food industry (as sectors of fast investments payoff), then of heavy industry in response to demand; 2) intensification of exports and purchase of import equipment; 3) gradual growth and up-dating of industry by use of protection instruments (using old equipment for production of articles or services that are in demand along with constraints on import of similar products from abroad). In the Irkutsk region, due to existence of mineral resources, mostly fuel and energy and forest resources, it possible to use the second and third ways of up-dating. Analysed are major social and economic projects, the implementation of which will promote the regional economy to enter the trajectory of stable growth.
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