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Drivers of Growth in Russia

Author

Listed:
  • Markus Brueckner
  • Birgit Hansl

Abstract

Between the end of the 1990s and the first decade of the 2000s Russia experienced significant growth in GDP per capita that was driven by transitional convergence, structural reforms, and improvements in the terms of trade. Reforms to the structure of the economy boosted growth by over 2 percentage points per annum with improvements in telecommunication infrastructure, financial development, and a reduction in the GDP share of government consumption being the most important structural reforms. The paper discusses Russia's growth performance relative to comparator countries: countries in the European and Central Asia regions, advanced natural resource exporting countries and the BRICS countries. Economic growth was significantly lifted in advanced natural resource exporting countries due to the international commodity price boom, for example, in Russia improvements in the terms of trade lifted growth by over 1 percentage point per annum. In the group of advanced natural resource exporting countries and BRICS countries, Russia is at the forefront in terms of growth benefits arising from structural reforms.

Suggested Citation

  • Markus Brueckner & Birgit Hansl, 2016. "Drivers of Growth in Russia," CAMA Working Papers 2016-42, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:camaaa:2016-42
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    File URL: https://crawford.anu.edu.au/sites/default/files/2025-03/42_2016_brueckner_hansl.pdf
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    Cited by:

    1. Gregory Brock & Constantin Ogloblin, 2018. "Russian 1998–2007 TFP decomposed: some inspiration emerging from inherited Soviet legacy," Economic Change and Restructuring, Springer, vol. 51(2), pages 135-151, May.

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