Finance & Economics of Xinjiang ›› 2020, Issue (4): 57-68.doi: 10.16716/j.cnki.65-1030/f.2020.04.006

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The Impact of COVID-19 on Russian Economy:Anti-epidemic and Anti-crisis Measures, Economic Performance and Growth Prospects

Xu Poling   

  1. Chinese Academy of Social Sciences, Beijing 100732, China
  • Received:2020-07-17 Online:2020-08-25 Published:2020-10-26

Abstract: The rapid development and long-term trend of COVID-19 in Russia has had a serious negative impact on its already fragile economic growth. Not only have Russia's plans for "breakthrough growth" and "new investment cycle" been put on hold, but the huge amount of financial resources consumed by anti-epidemic and anti-crisis measures has raised the short-term risks of the Russian economy to a very high level. As a result of the outbreak, the domestic economy stopped, the tendency of household consumption and savings changed, and the energy market remained sluggish in the long-term context of the outbreak, Russian economic growth faced the risk of long-term stagnation and"zombification". Russia's current strategy of regional and international economic cooperation is not conducive to economic recovery and the country needs a fundamental change in the dynamic structure of investment, consumption and export, among which more open and inclusive international economic and trade cooperation is crucial to Russia's economic growth.

Key words: COVID-19 Outbreak, Russian Economy, Risk, Growth Prospects, Infectious Diseases, Epidemic Prevention and Control, the"Belt and Road" Initiative

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