RUSSIAN ECONOMY: MIDDLE-TERM IMPEDIMENTS AND ROLE OF HUMAN CAPITAL IN THE ANSWER ON GLOBAL AND INTERNAL CHALLENGES OF LONG-TERM DEVELOPMENT

Abstract

The double tightening of monetary and fiscal policies will have a slowing effect on economic growth and the ability to respond to key medium­ and long­term challenges facing the Russian economy. The pace of economic growth will not be able to catch up with the world, and the fall in real incomes of the population accumulated since 2014 will be overcome no earlier than 2024. The demographic losses suffered during the coronavirus pandemic raise the issue of a systemic long­term family policy that contributes to an increase in the birth rate. The Achilles heel of the Russian economy, despite some achievements, remains the stag­nation of R&D spending and the weakness of the policy for the development of fundamental and applied science.