Adaptation of the National Economy to the Global Economic Crisis: The Banking sector of the Russian Federation vs Coronavirus

Abstract

The worldwide spread of the coronavirus caused a worsening of the economic situation, as well as an aggravation of existing socio-economic problems. At the same time, the inability of supranational structures to respond to the current situation cast doubt on the prospects of a globalized world. So, modern realities lead to the fact that each state will have to seek a way out of the economic crisis on its own, this applies to both large players and members of supranational associations as European Union. Therefore, the main task of states is to formulate a national plan to adapt to the current situation, minimize costs and losses, and also take specific measures to reach pre-coronavirus indicators. Given the scale of the Russian Federation and the differentiated level of development of the Russian regions, it seems effective to work out regional levers to stimulate economic activity. In this case, the author proposes the development of the regional banking sector, the purpose of which is to stimulate regional financial and economic activity, including creating conditions for business.