The decision of the problems of increasing labor productivity, as the most important indicator of the level of efficiency of social reproduction, is constantly at the center of attention and requires joint efforts of the state, the scientific and business communities. This issue becomes especially urgent for the Russian economy taking into account the whole range of consequences of the economic crisis and the aggravation of the geopolitical situation, as well as the ongoing globalization and the fourth industrial revolution that the world community is currently facing, turning it into a task of imperative importance for determining the country's future in terms of building not only an independent but also a competitive economy. In view of the above, the purpose of the article was to analyze the trends and patterns of socio-economic development of Russia and foreign countries from the standpoint of labor productivity. A systematic approach was applied in the process of the research, methods of statistical and economic analysis of social and economic development indicators of the G-20 countries were used, including factor analysis. The interrelationships between labor productivity and the factors affecting it in Russia are estimated using the econometric model. The study of world trends in social and economic development allows us to conclude that the role of labor productivity is increasing, as a factor in the revival of the national economy, the restoration and preservation of its sustainable economic development. The results of the analysis of world trends show a high degree of conjugation of the growth of labor productivity with an increase in the level and quality of life, which is especially important in the light of the problems of poverty of the working population of Russia. On the basis of the study conducted, the following key factors that have a significant impact on labor productivity have been revealed: the volume of investment in fixed assets; the amount of costs for research and development; the amount of costs for technological innovation. Labor productivity depends on the timely introduction of new breakthrough technologies, renewal of fixed assets, which is provided by investments in fixed assets, as well as determined by the amount of costs for research, development and technological innovation. In the process of research, a factor model has been constructed for the degree of influence of the identified factors on labor productivity on the basis of the Cobb-Douglas production function. The results of the simulation allow us to conclude that the change in the specific investments in fixed assets (with an increase in specific investments in fixed assets by one percent, with the same values of other factors, the overall productivity of labor will increase by an average of 0.459%) has the greatest impact on the change in labor productivity. The main provisions and conclusions of the article may be of interest to representatives of authorities of different levels, the scientific and expert community, and also may be widely used in research and teaching practice.