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OECD Economic Surveys: Russian Federation 2004

image of OECD Economic Surveys: Russian Federation 2004

In this comprehensive 2004 overview of the Russian economy, OECD carefully analyses this heavily resources-dependent economy and its vulnerabilities.  It recommends a comprehensive program of fiscal prudence and structural reform, particularly involving large state institutions. Separate chapters examine industrial competitiveness, the natural gas sector, the electricity sector, and banking reform.

English French, Russian

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Assessment and Recommendations

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 ...

English

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