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Begin New Search Topic Development Political Geography Russia Content Type Policy Brief Publishing Institution The Organisation for Economic Co-operation and Development

1. Economic Survey of the Russian Federation, 2006

Publication Date:
11-2006
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Russian economy has been enjoying a period of robust growth, thanks largely to steadily rising terms of trade. The challenge confronting policy-makers is to facilitate Russia's transition into a period of self-sustaining, investment- and innovation-led growth. This will require a sound macroeconomic policy framework to manage the economy's adjustment to sustained high oil prices and a range of structural reforms aimed at creating better framework conditions for business.
Topic:
Development, Economics, and Markets
Political Geography:
Russia, Europe, and Asia

2. Economic Survey of the Russian Federation, 2004

Publication Date:
07-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The major economic challenge facing Russia is the achievement of long-term, sustainable growth that would allow for a relatively rapid convergence between living standards in Russia and the OECD economies. The nature of this challenge is largely determined by Russia\'s economic structure. At present, Russia\'s economy is highly dependent on the export of a limited range of natural resources, chiefly hydrocarbons and metals. This presents policymakers with a number of specific problems. In particular, resource dependence makes the Russian economy especially vulnerable to external shocks. It is therefore difficult to overstate the importance of prudent macroeconomic policies, especially as the budget relies heavily on resource taxes and is thus influenced by volatile energy prices. Hence, exemplary fiscal discipline, in particular, is crucial to reducing Russia\'s vulnerability to commodity-price cycles. Yet while resource dependence brings with it certain macroeconomic risks, economic performance will continue to depend to a great extent on the performance of resource-exporting sectors for the foreseeable future. This makes reform of the natural gas sector an urgent priority. In the absence of substantial reform, the gas industry, which is critical to both exports and the domestic economy, could well stagnate or decline.
Topic:
International Relations, Development, and Economics
Political Geography:
Russia