The article analyzes three periods of the Russian economy: the transformation crisis of 1990–1998, characterized by depth and duration, the period of regenerative economic recovery in 1999–2008, during which a shift into nationalization and monopolization of the economy took place, as well as the period of 2009–2017, called the “lost decade” by the author, the period of deep financial and socio-economic crisis as part of the global world crisis. Possible prospects for development and ways of entrance into high-quality significant socio-economic growth are described.

Changing of a conjuncture index of “Economic strategies” (CIES) for 2017 is considered. The contribution of indicators of supply and demand in CIES is estimated. The analysis of industrial production is carried out.

The paper defines the essence of economic modernization, pinpoints its main types, reveals the causes of objective necessity for modernization of the Russian economy, analyses the key modernization problems and gives he author’s view on the considered issues.