2004 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


Industrial Competitiveness

The issue of industrial competitiveness is especially important for Russia. The coming years will see continued cost pressure on enterprises’ inputs and further real exchange-rate appreciation, which will have to be matched by productivity increases. The 1998 financial crisis remains a vivid reminder of what can happen when productivity fails to increase in line with input costs or an appreciating exchange rate, rendering a country’s industry increasingly uncompetitive. Industrial competitiveness, however, is not only a general, but also a structural issue in Russia. The dual structure of the economy (see Chapter 1) means that productivity in a number of sectors, especially outside the natural resource industries, is still at levels that raise questions about their longer-term viability. It is therefore important ...


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