22 February 2016

Lunchtime Seminar ‘Russia’s Economic Policy and the Global Crisis’ with Vladimir Mau

Vladimir Mau’s talk at the LSE explored Russia’s economic situation and the policies of its government. For a summary of the event, see this blog post by Dr. Vlad Zubok.

He particularly emphasized the fact that Russian economy faces internal structural challenges, as well as external shocks and constraints, primarily Western sanctions. Without resolving the former, he said, Russia will not return to economic growth; without improving the external environment, the Russian economy faces a long-term technological decline and the problem of export-import imbalance. Mau avoided comments on the political variables. At the same time, his outlook was not gloomy: he construes the current crisis as an opportunity for Russia. In his opinion, the Russian leadership avoided fatal errors in its economic and financial policies that could have produced hyperinflation and evaporation of currency reserves.