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Russia and the Global Crisis



    () (State University-Higher School of Economics, Russia)


This paper assesses the impact of the global economic crisis of 2008 on the Russian economy. It includes a general outline of the dynamics of the basic macroeconomic indicators, and analyses the major factors that resulted in the sharp decline of output in Russia in autumn 2008 and in the first three quarters of 2009. Further, the paper discusses the main characteristics of the Russian Government's anti-crisis policy and its influence on economic development. This paper concludes that the roots of the present crisis lie in the shortcomings of Russia's model of economic growth, which is highly dependent on world commodities prices and external financing of banking and corporate sectors. Thus, the recovery of the economy will strongly depend on the ability of the economic agents, including the state, to establish a new type of growth model that is less vulnerable to external shocks.

Suggested Citation

  • Boris KUZNETSOV, 2009. "Russia and the Global Crisis," The Journal of Comparative Economic Studies (JCES), The Japanese Society for Comparative Economic Studies (JSCES), vol. 5, pages 25-45, December.
  • Handle: RePEc:cos:epaper:v:5:y:2009:p:25-45

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    References listed on IDEAS

    1. Raj M. Desai & Itzhak Goldberg, 2008. "Can Russia Complete?," World Bank Publications, The World Bank, number 15816, June.
    2. R. Kapelyushnikov., 2009. "Productivity and Labor Compensation in Russia: How to Cope with Statistical Illusions," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 4.
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    More about this item


    crisis; Russia; economic growth; economic policy;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe


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