The lessons of stabilization and prospects of growth:Russia’s economic policy in 2016

Abstract

Economic growth is the key challenge at the political agenda of the leading countries including Russia. This papers discusses existing hypotheses of “secular stagnation” and “productivity paradox” - demand side problems (cyclical factors); special features of technological innovations (technological factors); anti-crisis policy preventing “creative destruction” (political factors); irrelevance of GDP measurement (statistical problems). Limits of growth contribute to a new global policy trend - emerging of populism, and the paper discusses the prospects of transformation of political populism to economic one. Global challenges provide the basis for further analysis of Russian economic development, and particularly the results of 2015-2016 anti-crisis policy, which helped the national economy to adapt to new economic realities of the post-crisis world.