Trajectory of economic crises in Russia during the formation and development of a market economy: assessment, evolution, management

Abstract

The article examines the causes and consequences of such an economic phenomenon as an economic crisis. The problem of economic crises is determined by the fact that, despite the tools created by the world community to prevent them, it is impossible to accurately predict, much less avoid, economic disasters. The article characterises the crises in Russia from 1998 to 2021. Since 1998, there have been four different causes of crisis in the new economic history. It has shown that world economic crises directly or indirectly affect the macroeconomic indicators of the Russia, cause their decrease. It has concluded that the Russian economy is more responsive to the economic macro-conjuncture due to the dependence of the ruble on the dollar, and the impact of the level of commodity prices on the income part of the consolidated budget.

Keywords

• poverty
• unemployment
• budget
• gross domestic product
• real incomes
• inflation
• cycle
• economic crisis
• oil price
• crisis management