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The conjuncture of the global energy market and economic growth in Russia

Author

Listed:
  • Kazakova, Maria

    (Institute for Economic Policy of Transitionary Period)

  • Sinelnikov-Murylev, Sergei

    (RUSSIAN FOREIGN TRADE ACADEMY)

Abstract

For Russia, the most important indicator of the external economic environment are the oil price (taking into account the fact that in Europe the price of gas for the supply of "tied" to the oil price). The impact of favorable foreign economic situation on economic growth in developing countries, countries with economies in transition is ambiguous and depends on the length of the considered perspectives, structure and features of the economy, the country's stage of development. Despite the undoubted presence of inhibitory with respect to economic growth effect, caused by the strengthening of the real exchange rate of the national currency, for Russia was characterized by a positive impact of favorable foreign economic situation in recent years, economic growth, primarily due to growing demand, stimulating capacity utilization, and expand the boundaries manufacturing capabilities through the implementation of investments related to the receipt of additional oil and gas revenues.

Suggested Citation

  • Kazakova, Maria & Sinelnikov-Murylev, Sergei, 2009. "The conjuncture of the global energy market and economic growth in Russia," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 118-135, October.
  • Handle: RePEc:rnp:ecopol:0957
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    Keywords

    energy market; oil; Russia; Europe; economic growth;

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