Thirty years of economic transition in the former Soviet Union: Macroeconomic dimension

Marek Dabrowski

Russian Journal of Economics, 2022, vol. 8, issue 2, 95-121

Abstract: The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet Union (FSU) from 1992 to 2021, after obtaining political and economic independence in 1991. Special attention is given to problems of macroeconomic stabilization and economic growth. As a result of structural distortions inherited from the Soviet economy and the slow pace of economic and institutional reforms, the FSU countries suffered from a long and deep output decline in the 1990s. Their post-transition growth recovery in the 2000s did not last long. Furthermore, they remain vulnerable to both domestic and external economic shocks. Given the limited predictability of post-COVID global economic trends and the damaging consequences of the war in Ukraine, this vulnerability will likely continue in the next couple of years.

Keywords: economic; transition; macroeconomic; stabilization; economic; growth; inflation; exchange; rate; balance; of; payments; public; debt; financial; crisis (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 E62 F62 H62 H63 P22 P24 P27 (search for similar items in EconPapers)
Date: 2022
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:arh:jrujec:v:8:y:2022:i:2:p:95-121

DOI: 10.32609/j.ruje.8.90947

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