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The economic crisis of 2020: Reasons, policies to deal with and further development of the Russian economy
https://doi.org/10.32609/0042-8736-2020-6-5-21
Abstract
At the beginning of 2020, the world community has faced the problem of the coronavirus, which, in the context of significant globalization of the world economy, quickly spread from China around the world, leading to a sharp slowdown in global economic growth. For Russia, the consequences of the pandemic, in addition to the decrease in export demand and strict quarantine measures, are compounded by a sharp drop in oil prices in the face of difficult negotiations with OPEC + and the need to limit oil production. All this necessitates active anti-crisis policy, which should include not only the support of the affected economic agents, but the intensification of different structural reforms aimed at accelerating the potential (structural) economic growth rates. At the same time, the possibilities of a significant fiscal stimulus are narrow due to the contraction of government revenues, limited borrowing opportunities and the rapid depletion of the National Welfare Fund in the event of a prolonged coronavirus pandemic.
Keywords
oil prices,
foreign demand,
quarantine,
pandemic,
crisis,
anticrisis policy,
structural growth,
long-run growth
JEL: E17, E21, E22, E23, E27, E62, F41
About the Authors
A. V. Polbin
Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Russian Federation
Russian Federation
Andrey V. Polbin
Moscow
S. G. Sinelnikov-Murylev
Russian Foreign Trade Academy of the Ministry for Economic Development of the Russian Federation
Russian Federation
Russian Federation
Sergey G. Sinelnikov-Murylev
Moscow
P. V. Trunin
Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Russian Federation
Russian Federation
Pavel V. Trunin
Moscow
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For citations:
Polbin A.V., Sinelnikov-Murylev S.G., Trunin P.V. The economic crisis of 2020: Reasons, policies to deal with and further development of the Russian economy. Voprosy Ekonomiki. 2020;(6):5-21. (In Russ.) https://doi.org/10.32609/0042-8736-2020-6-5-21
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