Russia’s economy in the global crisis: An assessment of the Medvedev era

Abstract

This article analyses the state of the Russian economy during Dmitri Medvedev’s term of office (March 2008 to the present). The author begins by examining the country’s situation before the new president officially took up his post, after which the article goes on to describe the reforms the government subsequently attempted to bring in. These reforms were determined by the outbreak of a severe economic crisis that commenced in 2008 and which highlighted the structural problems ailing Russia’s economy. These problems, which the author describes in detail, may turn into very grave obstacles to the country’s sustained, long-term growth. Finally, the author describes the essential economic sectors and areas that could be used as a basis for modernisation, though he expresses doubt as to the existence of the political ability that is needed to carry this out.