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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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Sustaining Growth

The main economic challenge facing Russia is the achievement of longterm, sustainable growth at rates high enough to bring about relatively rapid convergence between Russian living standards and those of more developed western economies. Establishing conditions for sustained growth is therefore the central concern of the present survey. This focus necessitates paying particular attention to Russia’s economic structure. Russia’s economy is highly dependent on the export of a limited range of natural resources, chiefly hydrocarbons and metals, and it shares many of the characteristics of other “less-diversified economies”. Resource dependence confronts Russian policy-makers with a particular set of macroeconomic challenges, including vulnerability to external shocks, “Dutch disease” and the various institutional pathologies which are often associated with ...

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