The Outlook for Russia's Economy
The Russian economy is in crisis: in 2015 GDP declined 3.5 percent, inflation reached 12 percent, and real income has fallen for the first time in 15 years. The immediate cause of Russia’s economic turmoil is a steep decline in oil prices, and dysfunction in the government's management of the current downturn. However, Russia’s economic problems are more systemic than the recent decline in commodity prices—its economy has been stagnant since 2008. Without substantive change, there is little hope for sustainable economic growth in Russia for the foreseeable future.
Event Sponsor
Overview
The Russian economy is in crisis: in 2015 GDP declined 3.5 percent, inflation reached 12 percent, and real income has fallen for the first time in 15 years. The immediate cause of Russia’s economic turmoil is a steep decline in oil prices, and dysfunction in the government's management of the current downturn. However, Russia’s economic problems are more systemic than the recent decline in commodity prices—its economy has been stagnant since 2008. Russian economist Konstantin Sonin argued that without substantive change, there would be little hope for sustainable economic growth in Russia for the foreseeable future.
Speaker
Konstantin Sonin
Hosted By
Kennan Institute
The Kennan Institute is the premier US center for advanced research on Russia and Eurasia and the oldest and largest regional program at the Woodrow Wilson International Center for Scholars. The Kennan Institute is committed to improving American understanding of Russia, Ukraine, Central Asia, the Caucasus, and the surrounding region though research and exchange. Read more
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