This paper presents the results of the research dedicated to the role of space in the modernization of the economy of the North-West macro-region of Russia conducted in 2012-2014, within the framework of the Presidium of Russian Academy of Sciences (RAS) No31 "The role of space in the modernization of Russia: natural and socio-economic potential." The analysis is based on the methodology, which was developed at the Institute of Regional Economy of RAS. Possibilities of modernization of the Russian economy are due to competitive advantages, "inherited characteristics" and public policy of regions and major macro-regions development. Recourses of modernization have a spatial component, which significantly affects the positioning of the region, its companies, firms and projects in the globalized geo-economic space. It is noted that the characteristics of multi-factor situation, taking into account the "inherited characteristics" of spatial development, the nature of geopolitical and geo-economic situation, trans