Resilience factors in the Russian economy: The comparative analysis for 2000–2020

Abstract

Subject. The study investigates the impact of shocks on the economic dynamics during recurring crises. Nevertheless, the impact of exogenous shocks may turn to be minor for GDP of some countries, while they cause unfavorable consequences for the economic development of others. Objectives. I herein identify factors of resilience in the Russian economy, referring to three different crises that took place in 2000–2020, by conducting a theoretical overview of the concept Economic Resilience and resilience factors of economic systems against different shocks. Methods. The decomposition of macroeconomic indicators is the principal method of research. The resilience of the Russian economy and other advanced economies was assessed by macroeconomic indicators related to trends in GDP and the unemployment level. I point out two groups of factors – the innate and acquired (adaptability). Results. During the global financial crisis in 2008, the Russian economy demonstrated its innate factors, such as the availability of considerable reserves and capital mobility between the financial and industrial sectors, as well as adaptive factors as part of the national anti-crisis policy. During the period of sanctions, the resilience of the Russian economy stemmed from the enormous potential of the industrial sector and R&D, considerable reserves for production development, which underlay the import substitution policy. Finally, in the outbreak of the 2020 crisis, Russia managed to handle the crisis much better than the leading countries of the world, since there is a prevalence of State-owned large business and the domestic localization of value added chains. Conclusions and Relevance. The study substantiated the objectivity of resilience factors of the Russian economy during multiple crises, i.e. a combination of financial, commercial, political and pandemic crises.