THE ECONOMY OF THE RUSSIAN FEDERATION UNDER THE PRESSURE OF THE PANDEMIC CRISIS

Dorina Clichici

Revista de Economie Mondiala / The Journal of Global Economics, 2020, vol. 12, issue 1, 40-48

Abstract: The Covid-19 pandemic has caused an unprecedented economic shock globally, affecting entire sectors, such as transport, travel and tourism, small and medium-sized enterprises, and other economic sectors. The situation of the Russian Federation in the context of the pandemic crisis is aggravated by two great vulnerabilities, i.e., the unstable pace of its economic growth in recent years and the dependence of this growth on the oil and natural gas exploitation industry. The paper aims to analyse the vulnerabilities of the Russian economy under the impact of the pandemic crisis. In order to achieve this goal, the paper emphasises the main sources of dependence of the Russian economy, and identifies the measures taken to mitigate the negative economic effects of the pandemic. It also presents the possible scenarios for the evolution of the economy in the period 2020-2022. The analysis highights that the disruptive effects of the pandemic are going to undermine the basic source of the Russian Federation's income and its ability to cope with the adverse economic consequences of this crisis.

Keywords: pandemic crisis; international crude oil prices; foreign trade; Russian ruble; federal budget; anticrisis measures (search for similar items in EconPapers)
JEL-codes: E60 G28 H12 H30 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:iem:journl:v:12:y:2020:i:1:p:40-48

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