Those of you who watched Carthage College economist Yuri Maltsev’s recent speech to the John Locke Foundation’s Shaftesbury Society are unlikely to be surprised by this news from the latest Bloomberg Businessweek.

On April 22, in the resort city of Sochi, Russian President Vladimir Putin convened an emergency meeting of economic advisers, government officials, bankers, and others to discuss alarming signals of a slowdown and to hear proposals on how to rev up growth. At least some of the 18 allies in attendance told Putin his policies need an overhaul.

From 2000 to 2008, Russians enjoyed what former Finance Minister Alexei Kudrin, a meeting attendee, has called “the fat years.” Robust exports of gas, oil, and minerals helped fill the government’s coffers and fostered the growth of a middle class. The economy contracted in 2009, then recovered. In the run-up to the March 2012 presidential election, the government ramped up stimulus spending, which is still increasing. Russia’s $2 trillion economy probably grew only 1 percent or so in the first quarter, Economy Minister Andrei Belousov said on April 7. Europe, mired in recession or stagnation, is not buying as much natural gas and oil from Russia as it once did. Inflation has edged up above 7 percent. The prospect of a long period of soft energy prices puts pressure on Russia, which relies heavily on its giant oil and gas companies.

“The problems of the Russian economy show not a fleeting but a chronic character, and their treatment requires structural measures,” says Evsey Gurvich of the Economic Expert Group. He presented recommendations at the meeting, which was also attended by Prime Minister Dmitry Medvedev and Elvira Nabiullina, the incoming central bank chief. Gurvich says real wage growth of 8.4 percent last year was almost triple the 3 percent advance in productivity. Putin must embark on “energetic measures” that rule out tax increases, rein in monopolies, and increase the ability of the workforce to operate more efficiently, he says.

Maltsev’s speech focused on Russia’s economic challenges.