Russia's Great Recession: Lessons for Resource-Rich Countries
Smart Lessons, July 2010 (IFC Smart Lesson Award essay, International Finance Corporation, World Bank, Washington DC)
5 Pages Posted: 25 Oct 2013
Date Written: July 1, 2010
The passage of Russia’s “Great Recession” provides an opportunity for academics and policy makers to reflect on policy lessons that could help policy makers deal with future crises, including how to handle the triple challenges — fiscal, financial, and social — in the aftermath of the crisis. This paper offers some tentative policy lessons that could help policy makers in Russia and other resource-rich countries meet these challenges in the future. These tentative lessons are only emerging and are aimed at stimulating debate, based on the broader international experience with this crisis and the ongoing reexamination of policy consensus on economic policy.
Keywords: Great recession, Russia, growth, competitiveness
JEL Classification: O52, E65, F40
Suggested Citation: Suggested Citation