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TERRA ECONOMICUS

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  • 2014
  • No 4
  • The Russian economic crisis of 2010s: causes, consequences, and ways out

The Russian economic crisis of 2010s: causes, consequences, and ways out

TERRA ECONOMICUS, , Vol. 12 (no. 4),
p. 15-32

Started in 2012, Russian economic crisis is seen as a natural result of previous development of Soviet Russian economies and societies. The dimensions of the crisis and the dynamics of the economy are analyzed using alternative assessments developed by the authors. Compared with the data provided by the Federal State Statistics Service of the Russian Federation, the authors’ estimates show much deeper fall of the Russian economy. The impact of the crisis on real economy, as well as the financial and foreign sectors, and the standard of living, are considered. We prove that the crisis’ nature is not cyclical, but systemic. Furthermore – the existing economic policy will provoke its protraction. Possible exit strategies are overviewed, their strengths and weaknesses are revealed.


Keywords: economy of Russia; alternative macroeconomic estimates; the economic crisis in Russia in 2012–2014; global oil prices; scenarios of overcoming the crisis in Russia

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606