Economic growth in Russia in the context of global transformations

The article reveals the features of economic growth in Russia in the context of global geopolitical and geo-economic transformations. The author confirms the tendency of long-term stagnation in the developed countries manifested in the slowdown of economic growth and decrease in the share of these countries in the world economy. The article reveals a trend towards increasing the share of the BRICS countries in the world economy and strengthening their positions in the material production sectors. The author notes the contradictory dynamics of the Russian economy in the post-Soviet period, characterizes its stages and describes the tendency of the growth trajectory of the Russian economy to lag behind the growth trajectory of the world economy due to the transformation shock. The article shows that the stage of transformational decline in socio-economic terms was characterized by the transformation of property relations and the formation of institutions of Russian capitalism, taking various ‘hybrid’ forms that combine elements of market coordination with corporate-bureaucratic forms of resource allocation and socio-economic appropriation. The stage of recovery growth was characterized by the positive dynamics of GDP and income, investment and employment, decrease in inflation and public debt but the socio-economic situation of the country remained semi-peripheral. The third stage (‘new normality’) was characterized by a signifi cant slowdown in the pace of economic growth, preserving the system of socio-economic relations of semi-peripheral capitalism. Only since 2022, the trend towards transition to a new stage of socio-economic development, with the strengthening of the sovereign nature of the Russian economy, has emerged. The author reveals the structural features of economic growth in terms of aggregate demand and aggregate supply in Russia in 2020-2023. The author concludes that there is a need to change the model of economic growth in Russia in order to improve both the quantitative and qualitative results of growth.