From oil boom to stagnation
Russia’s domestic economy under Putin
Deutsche Fassung
Abstract
From 2000 to 2008, Russia enjoyed a period of economic upturn. The price of oil rose sharply, and Russia had large numbers of skilled workers and untapped production capacities available. However, since 2009, the situation has taken a turn for the worse, and growth has decreased. This is due to the fact that no new sources of growth have arisen to replace these exceptional circumstances. Over the past 20 years, monetary stability has improved. However, the investment climate, which is a prerequisite for broader-based economic development, remains unfavourable. Companies are exposed to unjustified persecution by state structures, which act partly on their own initiative, and partly at the behest of competitors of the companies being penalised. Putin’s “strong state”, which is only strong in name, is riddled with networks with only their own interests at heart. Many people living in Russia face an uncertain economic future.
(Osteuropa 6/2020, pp. 83–107)