Authors: S.V. Kriviakov

Title of the article: Is it possible to learn lessons from the world recession 2006-2011?

Year: 2018, Issue: 3, Pages: 35-39

Branch of knowledge: Economics and innovation management

Index UDK: 330.33.012

DOI: 10.26730/2587-5574-2018-3-35-39

Abstract: It may seem that the global recession of 2006-2011 took a heavy toll on the entire world economy. However, even cursory examination of the dynamics of the eco-nomic indicators of various countries would expose that the effects of the recession were not uniform, and economies in different regions of the planet were affected by this event in radically different ways. In this article, with the help of the analysis based on modern social science technique “Big data”, we divide all countries into groups depending on how gravely they suffered from the global shock. For this pur-pose, we used three interrelated variables: the minimum rate of GDP growth, depth of the recession, as well as length of the recession and recovery from it during the examined period. Our main task was to determine how Russia fared against the other world countries in this regard, and which of the economic models, that turned out to be stable in the face of the global recession, are the most interesting from the point of view of using their experience in building of modern Russian economy. The research indicates that Russia did suffer significantly from this “stress-test”, whereas large and actively developing economies of China and India proved to be the most resilient to it, as did the countries mov-ing along the path of “catch-up” economic development based on the East Asia model. The results obtained permit us to assume that the experience of East and South-East Asian coun-tries is of the most interest to Russia, since it allows combining modern economic models with the traditions of active state regulations, which is quite essential for Russia.

Key words: global recession economic models dynamics of GDP growth rates re-cession losses conclusions for Rus-sia

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