Russia’s economy: before the long transition

The article shows the main stages and results of the economic development in Russia since the early 1990s. It describes the process of formation and the basic features of a three-sector economic model, as well as the reasons for its stability and existing constraints to economic growth. The authors consider the most likely scenario for the evolution of the current economic model under conditions of a steady decline in export revenues. They also focus on fiscal and social risks and alternatives in economic policy.