Economic Situation in Post-Crisis Russia

Abstract

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The global economy was slowing as well as the eurozone countries. Though Russia‘s economy held steady with the reported current account surplus, the large non-oil fiscal deficit requires concerted fiscal adjustment to reduce vulnerability in the face of new shocks. According to Mr. Putin emphasis has to be shifted away from the energy sector and toward new investments and infrastructure. A framework for creating and developing new sectors of the economy is to be provided for modernizing production units, mastering advanced production management methods and developing human assets

Keywords

• recession
• fiscal adjustment
• to reduce vulnerability
• the balance of trade
• economic development model
• modernizing production units
• developing human assets
• upgrading production facilities
• cooperation with foreign companies
• access to global markets
• strong government support