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Structural Factors of Russian Economic Slowdown
https://doi.org/10.32609/0042-8736-2015-12-69-84
Abstract
This article considers structural factors of Russian economic slowdown, particularly capital stock dynamics and labor market. Potential growth as of 2015 is estimated with a multivariate filter. The results indicate the structural slowdown of Russian economic growth to 0.5-1.0% per year. Low growth rates call for a new development strategy as the import-substitution approach that framed economic policy since the 2000s has failed to prevent the slowdown. Export-oriented strategy is more promising but will be hard to implement in an environment of weak global demand. Productivity improvement, particularly in the state sector, is necessary for averting stagnation.
About the Authors
N. Orlova
Alfa Bank
Russian Federation
Russian Federation
S. Egiev
National Research University Higher School of Economics
Russian Federation
Russian Federation
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Review
For citations:
Orlova N., Egiev S. Structural Factors of Russian Economic Slowdown. Voprosy Ekonomiki. 2015;(12):69-84. (In Russ.) https://doi.org/10.32609/0042-8736-2015-12-69-84
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