Over the past 12 years, the raw materials sector of the economy has only grown

Over the past 12 years, the raw materials sector of the economy has only grown

19 February , 09:43
Economists analyzed the dynamics of investment in the Russian economy and came to the sad conclusion that the "resource curse of Russia" is only growing.

Experts from the Proeconomics channel have found that, judging by the dynamics of investments, over the past 12 years, the raw materials component of the Russian economy has only grown.

In their conclusions, they refer to a study by economists Kirichenko and Smirnov from the Institute for Macroeconomic Research of the Russian Academy of Trade and Industry of the Ministry of Economic Development of Russia, published in the journal World of New Economy, No. 4, 2020.

Here are just a few snippets from this work:

“In terms of investment, the pre-crisis level of 2008 has not yet been reached (in 2019 - 85% to the level of 2008 in a comparable estimate).

It can be clearly stated that over the past decade (from 2009 to 2018), the export-raw materials orientation of the economy, considered through the prism of the indicator "investment in fixed assets", not only remained, but in recent years has increased even more. If in 2008-2009. the share of export-oriented industries (oil and gas, chemical and metallurgical complexes) accounted for 31.6% of investments, then in 2017-2018 - already 37.7%

Attention is drawn to the significant decrease in the share in the total volume of investments in fixed assets of this type of economic activity, such as real estate transactions (from 11% in 2008-2099 to 6.8% in 2017-2018), which was a direct consequence of falling effective demand of the population”.

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