Emerging markets are at the point of risk contagion these days, with a potential spillover into advanced economies. This brings us back to the memories of the past EM crises, such as the currencies crises of the late 1990s in the year (and month) that marks the 20th anniversary of Russian Sovereign Default.
Here is an interesting chart that shows just how far Russia has traveled from the past in terms of its macroeconomic management:
What the chart omits, of course, is a simple fact: of all these economies, Russia is the only one that (rightly or wrongly or both) is trading under severe financial and economic sanctions imposed by its major trading and investment partners. Which makes this performance even more impressive.
When it comes to a “higher altitude” view of the Russian economy within historical and current geopolitical perspective, that is discussed here.