National Currency Rate and the Russian Economy Dependence on Import

Курс национальной валюты и зависимость российской экономики от импорта

Olga Berezinskaya

Ekonomicheskaya Politika / Economic Policy, 2015, vol. 1, 112-125

Abstract: Nature of the Russian economy dependency on import has gained special relevance in the result of weakening of national currency. Starting from 2005 the effect of foreign imports on Russian economy has undergone considerable changes. While during the period of rapid growth imports were primarily driven by consumer goods, after the crisis import structure has shifted towards greater importance of goods for businesses including semi-finished products. Current article analyzes the evolution of Russian import of intermediate, consumer and investment goods. Decrease of the extent of dependency on import will become crucial for boosting the economic activity in the context of deepening complications of the foreign trade and weakening of national currency. Therefore, in the conclusion of the analysis, the paper suggests ways for import substitution industrialization as a driver of economic growth in medium-term prospect.

Keywords: economy dependence on import; exchange rate; intermediate goods import; consumer goods import; investment goods import (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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