The Modern Economy of Russia - Vocabulary Flashcards

Vocabulary flashcards covering key macroeconomic indicators, structural policy concepts, state regulation tools, and English-Russian terminology from the analysis of the modern Russian economy.

GDP (Gross Domestic Product)

A key macroeconomic indicator measuring economic output; Russia's growth was about $1\%$ in $2025$, with a baseline scenario target of $1.5\text{--}2.5\%$ growth by $2029$ (Russian: ВВП / валовый внутренний продукт).

Inflation

The rate at which prices increase; in Russia, it is gradually decreasing but remains above the Bank of Russia's target level (Russian: инфляция).

Bank of Russia

The central bank of Russia that sets target inflation levels and presented four monetary policy draft scenarios for $2027\text{--}2029$ (Russian: Банк России).

Raw Materials Sector

An economic sector retaining a backbone role in Russia, where the oil and gas industry provides a significant portion of budget revenues and export earnings (Russian: сырьевой сектор).

Budget Revenues

State financial income, a significant portion of which is generated by the oil and gas industry within the raw materials sector (Russian: бюджетные доходы).

Export Earnings

Monetary returns earned from selling goods internationally, largely provided by the oil and gas industry in Russia (Russian: экспортная выручка).

Import Substitution

A economic policy aimed at developing domestic alternatives in industries such as agriculture, pharmaceuticals, and mechanical engineering through subsidies, tax incentives, and government orders (Russian: импортозамещение).

Manufacturing Industries

Industrial production sectors that act as a driver of economic growth, particularly under the import substitution framework (Russian: обрабатывающие производства).

Subsidies

Financial assistance provided by the state to support domestic producers and foster industry growth (Russian: субсидии).

Tax Incentives

Tax reductions or concessions provided by the state to encourage domestic production across various industries (Russian: налоговые льготы).

Government Orders

State procurement contracts used to support and incentivize domestic producers (Russian: госзаказы).

Digitalisation

The integration of digital technology into production processes, forming a major aspect of technological development (Russian: цифровизация).

Robotics

Automated mechanical technologies introduced into production to drive technological progress (Russian: робототехника).

Artificial Intelligence

Advanced computer systems whose introduction into production processes is prioritized for technological development (Russian: искусственный интеллект).

Green Energy

Renewable energy technologies, specifically solar and wind power, being developed as part of technological advancement (Russian: зелёная энергетика).

Sanctions Pressure

External economic restrictions and trade barriers that create uncertainty and affect economic dynamics (Russian: санкционное давление).

Fiscal Policy

Government taxation and spending measures—including subsidies, tax incentives, and national projects—used to manage the economy during external shocks (Russian: фискальная политика).

Monetary Policy

Central bank management of money supply and interest rates; the Bank of Russia proposed baseline, disinflationary, pro-inflationary, and risk-based scenarios for $2027\text{--}2029$ (Russian: монетарная политика).

Concessional Lending

Loans offered on favorable or below-market terms as a state regulation tool to support businesses (Russian: льготное кредитование).

Special Economic Zones

Designated geographical areas with unique economic regulations intended to attract business and investment (Russian: особые экономические зоны).

National Projects

Large-scale state initiatives focused on developing key public sectors, specifically healthcare, education, and infrastructure (Russian: национальные проекты).

Diversification

The expansion of economic activities into new non-resource sectors, critically important for Russia's long-term sustainable growth (Russian: диверсификация).

Productivity

A measure of economic output efficiency per unit of input; boosting productivity is essential for sustainable growth (Russian: производительность).