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Working paper

Global slowdown and the Russian economy

Monthly report. WIIW Monthly report. The Vienna Institute for International Economic Studies, 2019
The article reviews long-run sources of Russian economic growth and demonstrates that the stagnation of the Russian economy in the past decade can be considered in the context of the global productivity slowdown. Conventional industry growth accounting shows that in contrast to the transformational recession before 1998, the recent stagnation of 2008-2014 is primarily the outcome of a slowdown in total factor productivity (TFP) growth and a deterioration in the allocation of labour, rather than bottlenecks in capital inputs.