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The Sources of Post-crisis Economic Growth in Russia

Rudiger Ahrend ()


Abstract: This paper provides an in depth analysis of Russia's recent growth, with a view to understanding the prospects for its continuation. A key finding is that the role of the oil sector, and particularly privately owned oil companies, has been vastly more important in driving economic growth since 2001 than the official data suggest. The paper further argues that prudent post-crisis fiscal policy has also been essential for creating a macroeconomic environment conducive to strong growth. Looking forward, it is argued that given its economic structure Russia is bound to remain a heavily resource dependent economy for some time to come. This reality largely defines the most important challenges facing Russian policy-makers as they seek to create a framework for sustained growth.

Date: 2005
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