2006 OECD Economic Surveys: Russian Federation 2006

image of OECD Economic Surveys: Russian Federation 2006

This 2006 edition of OECD's periodic review of the Russian economy finds an economy enjoying robust growth, but requiring strengthening of the macroeconomic framework to sustain that growth.  Public administration urgently needs reform and raising innovation potential could do much to sustain rapid growth. The healthcare system suffers from fundamental imbalances and its reform could arrest the decline in health now being experienced.  This survey offers a series of recommendations for addressing these issues.

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Sustaining growth in the Russian Federation: key challenges

The Russian economy continues to grow strongly, buoyed by rising terms of trade, which, in turn, are supporting a boom in domestic consumption. This chapter analyses the main challenges involved in sustaining strong growth over the long term. It argues that growth since 1999 has been largely dependent on transitory factors and that the transition to self-sustaining, investment- and innovation-led growth will require both continued sound macroeconomic management and a range of structural reforms aimed at improving framework conditions for business. The chapter assesses recent macroeconomic and structural policy, and introduces the chapters that address the main challenges Russia faces with respect to macroeconomic management (Chapter 2), public administration reform (Chapter 3), innovation policy (Chapter 4) and healthcare reform (Chapter 5).

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