Russian Regions in the Acute Phase of the Coronavirus Crisis: Differences from Previous Economic Crises of the 2000s

Abstract

The article examines the dynamics of the socioeconomic development of the Russian regions and the state of their budgets in the acute phase of the coronavirus crisis in April–May 2020. Differences in the rate of decline are revealed, due not only to the severity of quarantine measures, which affected the consumption indicators, but also the structure of the regional economy, which strongly influenced the industrial production dynamics and budget revenues. The rapid increase in the level of registered unemployment in almost all regions is due to the impact of quarantine restrictions on the market services sector, which is the most developed in large cities, as well as institutional measures (increase in the size of benefits and streamlined registration). The regional dynamics of the main indicators during the three crises of the 2000s are compared and significant differences are revealed in the distribution of regions by the rate of decline. The regional profile of each crisis was different due to its factors, risk zones, duration, and depth of the decline. The coronavirus crisis is aggravated by the fact that in most regions, the decline of the previous crisis in 2015 has not yet been compensated, which may lead to a protracted recovery from the 2020 crisis.