EconPapers    
Economics at your fingertips  
 

On Overcoming Russia’s Challenges

V. K. Fal’tsman ()
Additional contact information
V. K. Fal’tsman: Russian Presidential Academy of National Economy and Public Administration

Studies on Russian Economic Development, 2020, vol. 31, issue 1, 44-51

Abstract: Abstract— The article considers the issues of overcoming the emerging challenges that may cause problems for Russia’s development in the long term (forecast for the period up to 2040–2045): a) reduction of oil extraction and revenues from oil exports; b) entanglement in a new round of the arms race; c) increase in serious competition with Chinese producers in the domestic and foreign markets. Measures of avoiding falling into the oil trap are considered. The necessity of preventing a new round of the arms race is substantiated with evidence that getting entangled in it could weaken the economy to the point of zero and negative GDP growth rates, which in unfavorable scenarios may threaten the integrity of the state. The article considers the problems of adapting the economy to the upcoming reduction of oil extraction, the options of compensating for the declining revenues from oil exports with other goods and services, the prospects for diversification of defense spending, and the issue of normalizing the growing competition with Chinese producers. The objective of raising economic growth rates above the current zero level requires an institutional reform of small and medium-sized businesses, a diversification of economic sectors, especially defense, and, in the longer term, implementing national projects aimed at accumulating potential human capital that can eventually be realized.

Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1134/S1075700720010062 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sorede:v:31:y:2020:i:1:d:10.1134_s1075700720010062

Ordering information: This journal article can be ordered from
https://www.springer ... nomics/journal/11507

DOI: 10.1134/S1075700720010062

Access Statistics for this article

Studies on Russian Economic Development is currently edited by Viktor V. Ivanter, Dmitrii B. Kuvalin and Galina A. Yaremenko

More articles in Studies on Russian Economic Development from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2025-03-20
Handle: RePEc:spr:sorede:v:31:y:2020:i:1:d:10.1134_s1075700720010062