Financial Instruments for Recovery and Growth of the Russian Economy

Abstract

The global economic crisis of 2020–2021 caused by the pandemic coronavirus, having forcibly limited the economic activity, required special anti-recessionary measures for restoration of the Russian economy and also set the task to find due funding sources for sustainable economic growth. The purpose of the study is to identify the sources and mechanisms of financing the economic growth in the country in the post-crisis period. The paper uses the methods of historical and logical evaluation, analysis, synthesis, comparison and correlation. Following the research, the author concluded that the recent crisis has led to a dramatic decline in the global economy and its less-than-prompt recovery due to its unprecedented nature. In virtue of this, some previously inactivated fiscal and monetary policy instruments have been widely used to provide financial support to the economic entities affected by the pandemic. Considering the possible measures to ensure further post-crisis economic growth in Russia, the author systematised a number of financial sources and realisation tools, proposed independently and by other academic economists within the last five years, in the context of the economic development strategy adopted in Russia involving restriction on external sources of funding.