Источники роста производительности труда после шоков 1998 и 2008 годов в России в контексте перспектив восстановления экономики после кризиса covid-19
The global economy passes the COVID-19 related crises. For various projections, the output fall in Russia in 2020 will vary from 2 to 8 percent. So, in comparison with the crises of 1998 and 2008, the current shock can be more severe. In the upcoming years the Russian economy will pass the recovery stage, approaching the new balanced growth path. What proximate sources would push this growth?
With the neoclassical industry growth accounting and the Russia KLEMS dataset the present report aims to shed light on this, considering the growth patterns and sources of growth after the crises of 1998 and 2008. The report unveils the most important sources of the after-2008 stagnation in Russia, which are the decreasing efficiency of the extended oil and gas sector and the suspension of technology convergence. Since the recovery in Russia will be, most probably, caused by the increasing demand on energy and raw materials, driven by the recovery of global markets, policy implications for Russia should include efforts to improve efficiency in such export-oriented sectors, as oil and gas, and efforts, which aim to boost technology convergence such as backing export-oriented firms, which have been integrated to global value chains.