Subject. The article determines what smaller countries pursue in their economic policy as the uncertainty of the world economy increases. Objectives. I study the economic development of the Russian Federation from perspectives of smaller countries and the efficiency of the common and diverse economic policy of smaller countries, which are closely related with the Russian economy, such as Belarus, Armenia, Georgia, Ukraine and Estonia. Methods. I evaluated how some macroeconomic indicators of countries under study changed over time. To verify the hypothesis, I analyzed documents in public domain, including statistical data on macroeconomic developments of countries, such as the Russian Federation, Belarus, Armenia, Georgia, Ukraine and Estonia. I also applied a systems approach, comparative and statistical methods of research on key macroeconomic indicators. Results. At the current phase of multipolarity and globalization, Russia’s economic development is proved to influence both smaller countries coming along with its development vector, and States that simply have common borders with Russia. Considering the single course of their development and their geopolitical position, smaller countries ensure their sustainable growth. Conclusions and Relevance. Those countries which have chosen the single course of the development and considered their geopolitical position have performed their economic policy in the most successful way.
Keywords: economic policy, small countries, world economy, national economy
References:
Lutskaya E.E. [The current state of the Russian economy and forecasts for the near future (review)]. Sotsial'nye i gumanitarnye nauki: Otechestvennaya i zarubezhnaya literatura. Ser. 2. Ekonomika: Referativnyi zhurnal = Social Sciences and Humanities: Domestic and Foreign Literature. Series 2: Economics: Abstract Journal, 2018, no. 1, pp. 136–181. (In Russ.)
Vardomskii L.B., Kuz'mina E.M., Pylin A.G. et al. Sotsial'no-ekonomicheskoe razvitie postsovetskikh stran: itogi dvadtsatiletiya [The socio-economic development of the post-Soviet countries: The outcome of two decades]. Moscow, IE RAS Publ., 2012, 400 p.
Glinkina S.P., Kulikova N.V. [Borrowing from market institutions of developed countries: the experience of Central and Eastern Europe]. Sovremennaya Evropa =Contemporary Europe, 2015, no. 4, pp. 105–117. URL: Link (In Russ.)
Turgel' I.D., Panzabekova Zh. [Regulatory impact assessment in Post-Soviet Countries: Results, Problems and Prospects]. Upravlencheskie nauki = Management Sciences in Russia, 2018, vol. 8, no. 2, pp. 84–93. (In Russ.) URL: Link
Dolidze V. M. [Post-Communist Transformation and Political Development Cycles of Georgia]. Postsovetskie issledovaniya = Post-Soviet Studies, 2019, vol. 2, no. 1, pp. 885–892. (In Russ.) URL: Link
Vorotnikov V.V. [25 Years of the Baltic States Independence: From the Soviet to the European Union]. Kontury global'noi transformatsii: politika, ekonomika, pravo =Outlines of Global Transformation: Politics, Economics, Law,2016, vol. 9, no. 5, pp. 7–23. (In Russ.) URL: Link
Libman A. Post-Soviet Trade and Institutional Quality: Subnational Evidence]. Prostranstvennaya ekonomika = Spatial Economics, 2018, no. 3, pp. 115–137. URL: Link (In Russ.)
Gusakov N.P., Kolotyrina E.A. [National innovation systems in conditions of growing uncertainty of the world economy]. Vestnik RUDN. Ser. Ekonomika = RUDN Journal of Economics, 2018, vol. 26, no. 1, pp. 101–115. (In Russ.) URL: Link
Barkhatov V.I., Kadyrov P.R. [Structural deformations in the national economy of Russia]. Vestnik Chelyabinskogo gosudarstvennogo universiteta = Bulletin of the Chelyabinsk State University. Economic Sciences, 2019, no. 11, iss. 67, pp. 30–37. (In Russ.) URL: Link
Petrovich-Belkin O.K., Eremin A.A., Bokeriya S.A. [The problem of Russia's declining influence in the former Soviet Union: Why are the CIS countries drifting toward multilateralism?]. Vestnik mezhdunarodnykh organizatsii = International Organisations Research Journal, 2019, vol. 14, no. 1, pp. 94–112. (In Russ.) URL: Link
Plotnikov V.A., Uskova K.L. [Economic security of Russia and development of Eurasian integration]. Teoriya i praktika servisa: ekonomika, sotsial'naya sfera, tekhnologii = Theory and Practice of Service: Economics, Social Sector, Technology, 2018, no. 1, pp. 5–10. URL: Link (In Russ.)
Gushchin A.V., Khanova I.E. [The Ukraine’s economy in the crisis conditions in 2017]. Postsovetskie issledovaniya = Post-Soviet Studies, 2018, vol. 1, no. 1, pp. 31–37. (In Russ.) URL: Link
Kharitonova N.I. [Integration processes in the post-Soviet space: Economics vs politics]. Srednerusskii vestnik obshchestvennykh nauk = Central Russian Bulletin of Social Sciences, 2017, vol. 12, no. 3, pp. 131–136. (In Russ.) URL: Link
Khanin G.I. [The crafty figure: 30 years later]. Filosofiya ekonomiki = Philosophy of Economics, 2018, vol. 1, no. 2, pp. 139–163. (In Russ.) URL: Link
Tsypin A.P. [Statistical research of influence of factors on dynamics macroeconomic indicators of ex-member of the Soviet Union]. Vestnik NGUEU = Vestnik NSUEM, 2018, no. 2, pp. 79–93. (In Russ.)
Shamakhov V.A., Eremina N.V., Mezhevich N.M. [Main characteristics of the Baltic countries political development and their economic consequences]. Upravlencheskoe konsul'tirovanie = Administrative Consulting, 2019, no. 3, pp. 8–23. (In Russ.) URL: Link
Andronova I.V., Katamadze A. [Transformation of the economic policy of Georgia]. Vestnik RUDN. Ser. Ekonomika = RUDN Journal of Economics, 2018, vol. 26, no. 2, pp. 212–223. (In Russ.) URL: Link
Shurubovich A.V. Ekonomicheskoe vzaimodeistvie Rossii i Belorussii: integratsionnye proekty i natsional'nye interesy [Economic ties of Russia and Belorus: Integration projects and national interests]. Moscow, IE RAS Publ., 2018, 96 p.
Grigoryan K.G. [Issues of the economic policy of the Republic of Armenia within the framework of integration into the EAEU]. Finansovye issledovaniya = Financial Studies, 2017, no. 1, pp. 27–30. URL: Link (In Russ.)
Nikonov I.V., Votinov A.I. [The theory of economic complexity: A study of Armenia]. Finansovyi zhurnal = Financial Journal, 2018, no. 4, pp. 90–102. (In Russ.) URL: Link
