Vol. 50 No. 11 (2020)
DEBATES

Do We Need to Compare the Russian and German Economies?

A. Aganbegyan
Russian Academy of National Economy and Public Service at the Russian President, Moscow
Bio

Published 2020-10-31

Keywords

  • Russia,
  • Germany,
  • economic growth,
  • GDP,
  • coronavirus,
  • cross-country comparisons
  • ...More
    Less

How to Cite

1.
Aganbegyan А. Do We Need to Compare the Russian and German Economies?. ECO [Internet]. 2020 Oct. 31 [cited 2024 Aug. 25];50(11):141-52. Available from: https://ecotrends.ru/index.php/eco/article/view/4145

Abstract

The RF Presidential Decree from 7 May 2018 ‘On development of the country till 2024’ sets the goal of surpassing the GDP of Germany. In the period prior to stagnation, the German economy had obviously been developing faster than that of Russia. However, following the 2020 crisis connected to the coronavirus pandemia, it might fall lower (the latest official forecast for Germany is 5.4%, whereas out government is expecting a reduction of 3.8%). In accordance with calculations of the International Monetary Fund (IMF) this will let us overtake Germany ahead of expectations, as early as this year. Meanwhile, the new Decree on prospects of 2030 from V. V. Putin has cancelled this task. His assistant, the former minister of economic development, M. S. Oreshkin is confident that in 2021 we are to achieve economic growth and consolidate the resulting surplus of our GDP. In the article he published, he called this event ‘a historic rise of Russia’. There is plenty of ground to cover here.