This article presents an analysis of the key challenges facing the global economy, as well as the impact of these challenges on Russia. It addresses main collisions that have emerged in recent years, including the proliferation of etatism and populism, increasing social and political polarization, the growing importance of national issues vs the global agenda, as well as the social, economic and political consequences of using digital technologies against the backdrop of the global economy spiraling into an unprecedented crisis. The pandemic and its global economic impact are analyzed within the context of the 2008–2009 global financial crisis. This is the foundation which we set for discussing Russia’s economic agenda. © 2020 Non-profit partnership “Voprosy Ekonomiki”.