Is Russian economic crisis really over?

To the surprise of many observers, the Russian economy began to show signs of growth within a few months of the August 1998 crisis. The depreciation of the rouble brought about extensive import substitution in the economy, and as a result, production of consumer goods, such as clothing, is rising briskly.Certain export-oriented sectors, such as non-ferrous metallurgy, also took off.Among the most encouraging aspects of the current Russian economy, the author notes growth in investments, machine building and certain high-tech industries.Even so, most Russian exports are still commodities.Thus, the author argues that economic sustainable recovery will require a shift in the export structure of Russian industry towards advanced, value-added products. Key words: Russian economy, economic growth, import substitution, foreign trade