... stable or gradually declining (except in 2015-16, when the economy was hit by the drop in oil prices and sanctions). However, the divergence began to grow markedly in 2017, and was later on significantly magnified by the Covid crisis.
Indeed, the Covid crisis generated notable differentiation across sectors as some were disproportionately affected by the pandemic and quarantine measures (tourism, travel), while others were given a major boost (telecommunications, IT and computer services). Russia’s macroeconomic policy, including sectoral taxation patterns, may have contributed to the differentiation ...
... the current economic system and while the question of attempting to avoid severe crises in the future will invariably feature in economic policy debates, the more realistic question on the agenda is whether it is possible to exploit the potential of crisis episodes to spur innovation. Indeed, the response of the business community to the unique conditions in the global economy elicited a significant capability to meet the challenge of the pandemic via adjusting to changes in demand. Airline companies switched from passenger flights to cargo transportation, restaurants and retail outlets expanded delivery options for customers (including via active development of online platforms), while ...