The Russian Economy under the Impact of the Pandemic Crisis

The main channels of influence of the new coronavirus infection pandemic on the economy are analyzed. The key features of the economic crisis caused by the pandemic are emphasized, the scale and depth of the economic decline largely depending on the actions of the authorities to restrict economic activity. It has been stated that as the pandemic crisis developed, the governments of the largest countries of the world adapted to its negative consequences for the economy, which was reflected in a decrease in the dependence of economic activity on the incidence of COVID-19. The effectiveness of economic support measures implemented in Russia and key countries of the world during the crisis is assessed. The failures of market self-regulation during the crisis, which led to a significant imbalance of supply and demand in world markets, are considered. Along with the success of the Russian government in reducing the negative impact of the pandemic on the economy, attention is drawn to the serious social and demographic damage that our country has suffered as a result of the pandemic. The main trends for compensating for losses are formed, and the medium- and long-term potential for the development of the Russian economy after the pandemic crisis is assessed. This article is an amended and updated version of the author’s report at the Scientific Session of the RAS General Meeting on December 15, 2021.