scientific conference of lau
Title Macroeconomic Analysis of Russian Economy in 2018
Author Sergey A. Mitsek, Elena B. Mitsek
About the author
DOI 10.35853/UfH-RMP-2019-E01
Section Economics & Economy
Year Index UDK 330.101.541 Pages 121–128
Abstract The paper provides a macroeconomic analysis of the Russian economy in 2018 based on standard macroeconomic analysis methods and relying on the results of authors’ own econometric model. It is demonstrated that the main driver of the country’s economic growth was the growing export volume primarily caused by increased export prices, as well as ruble depreciation. However, the rates of Russian economic growth stayed lower than the global economic rates. Production growth, macroeconomic stability, easing monetary policy and country’s conservative fiscal policy enhanced the positive balance of payments and achieved budget surplus. Nevertheless, growth rates stay quite low due to insufficient investment volume and total productivity stagnation. The latter is caused, among other reasons, by lack of foreign investment and poor funding of research and development. Development of the Russian digital economy along with economic reforms could solve these problems. Recent years saw quick growth of Russia’s digital economy, including growing export of ICT products. However, the share of digital economy in Russian GDP is still lower than that of developed countries.
Keywords
  • Russian economy
  • economic growth
  • monetary policy
  • total productivity
  • digital economy
For citation Mitsek SA, Mitsek EB. Macroeconomic Analysis of Russian Economy in 2018. In: Zaks LA, Semitko AP, Mitsek SA, et al. (еds.) Russian Man and Power in the Context of Dramatic Changes in Today’s World: Collection of academic papers from the 21st Russian scientific-practical conference (with international participation) (Yekaterinburg, April 12–13, 2019). Yekaterinburg: Liberal Arts University – University for Humanities; 2019. p. 121–128. Available from: doi:10.35853/UfH-RMP-2019-E01.
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Article language russian
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Funding
Submitted 19.06.2019
Accepted 12.08.2019