Transformation of the Russian economic model: Signs and indicators

Abstract

Subject. The article addresses the transformation of the Russian economic model. Objectives. The aim is to study signs and indicators of changes in the Russian economic model. Methods. The methodology rests on general scientific principles and research methods, like abstraction, generalization of approaches of domestic and foreign authors on economic policy and industry analysis. Results. I analyzed prerequisites and signs of the transition from the raw materials export-oriented model of the Russian economy to the growth model through the assessment of development results of the country's economy and its two branches, i.e. metallurgy and electronics, for three quarters of 2022. The paper investigates problems of assessing the impact of sanctions on the economy and the effectiveness of the State policy to dampen them. Conclusions. The calculations are based on the data from Rosstat, the Bank of Russia, and metallurgy and electronics companies. They show an increase in investment, production in certain manufacturing industries, and positive wage dynamics. At the same time, the profitability of electronic industry enterprises remains at a level that prevents raising capital on market terms. The State policy that at the present stage implies the rejection of principles of free trade and open market and shift towards protection of domestic producers, especially those of the new technological wave, should ensure the flow of capital to these industries and transition from a raw export-oriented model to a growth model.