Analysis of changes in the condition of the Russian economy
Subject The article addresses the condition of the Russian economy. Objectives We focus on the analysis of changes in the Russian economy and make recommendations to improve it. Methods The study rests on the systems approach, using the statistical and cluster analysis. Results We reviewed the current economic situation in Russia and highlighted the main problems of its development. Based on the OECD database, we assessed the dynamics of main indicators of the Russian economy's development, i.e. GDP, real and nominal GDP growth, gross capital accumulations, investments, unemployment, net disposable income, financial transactions, savings, debt, financial assets and household expenditures, domestic research and development costs, etc. The cluster analysis of more than 1,000 indicators of the World Bank Group for the Russian economy development revealed effective interaction between the financial sector and the labor market. Conclusions The description of economic condition in Russia is contradictory. On the one hand, it is long-standing economic malaise, which is replaced by periods of aggravation (stagnation and recession). On the other hand, it is steady growth, which is associated with the increase in private consumption through wage hike, surge in consumer credit, and household employment. The paper identifies risks of rising unemployment and reduced lending to commercial banks caused by lower net disposable income, high debt load and low household savings growth have been.