The following is an English translation of an article by economist Oleg Biklemishev published in Novaya Gazeta which outlines some of the main economic challenges Russia is facing headed into 2013.

Sticky Stagnation 2012

The system is not ready for development

Year 2012 is becoming economic history. After a month or two, the experts will carefully explain everything after looking into the final statistical data. In the meantime, there are several symbolic stories that seem to create an image.

The first scene: Pensions (retirement plans)

Perhaps one of the most discussed topics was the future of the pension system and savings trust. As a result, Prime Minister Dmitry Medvedev, who has blamed the calculation error on his predecessors, returned most of the money to the pension distribution feeder.