Macroeconomic production function of Russia and estimation of the marginal rate of technical substitution in the unprecedented socio-economic realities of 2020–2022

In the period 2020-2022, Russian economy has been facing new, unprecedented challenges of coronavirus and sanctions. order to analyze current state affairs, we are offering an econometric study Russia’s macroeconomic production function for 1990-2022 estimation marginal rate technical substitution under internal external restrictions associated with spread Wuhan (SARS-CoV-2) conduct special military operation in Ukraine, accompanied by increased sanctions pressure on economy. We have obtained several significant results. years 1991-1996 was increasing, 1997-2020 it decreasing except 2008-2009 2015. context pandemic, main reasons economy’s decline 2020 growth 2021 were, first all, fluctuations world crude oil price, not pandemic as such. did find any evidence that price caused a decrease demand from China, since exports China increased. Contrary many negative forecasts, results our forecasting GDP 2022 show sharply pressure, Urals at $60 per barrel, average will be 0%, while $70 4%, $80 7%. Under reduced gas shutdown Nord Stream 1 pipeline, forecast volumes gross natural Gazprom (excluding Neft) Tyumen Region 2022, based exponential studied methods, range 364 392 billion cubic meters. Using example Great Britain, where actual export prices were lowest compared other Western European countries, discuss economic inexpediency setting energy products consumers.