Regions of Russia in the acute phase of the COVID crisis: differences from previous economic crises of the 2000s

Abstract

The article discusses the dynamics of socio-economic development of Russian regions and their budgets in the acute phase of the COVID crisis in April–May 2020. Differences in recession rates were identified, caused not only by the severity of quarantine measures that affected consumption indicators, but also by the structure of regional economies, which had a stronger effect on the dynamics of industrial production and budget revenues. The rapid increase in registered unemployment in almost all regions is due to the impact of quarantine restrictions on the market services sector, which is most developed in large cities, as well as institutional measures (increase in the amount of benefits and facilitation of registration). The regional dynamics of the main indicators was compared during the three crises of the 2000s and significant differences were revealed in the distribution of regions according to the rate of decline. The regional profile of each crisis was different, due to its factors, risk zones, duration and depth of the fall. The COVID crisis is compounded by the fact that in most regions the recession of the previous crisis of 2015 has not yet been compensated, which may lead to a protracted exit from the 2020 crisis.