DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/fe570e/oecd_economic_surv) has announced the addition of OECD Publishing 's new report "OECD Economic Surveys: Russian Federation 2011" to their offering.
The Russian economy is recovering from the severe 2008/9 recession, but has not yet reached pre-crisis peak activity levels. Inflation is high, although again on a declining path, not least because of the excellent harvest this year. Trend growth of around 4% is not fully exploiting opportunities provided by Russia's rich endowment of natural resources and the high skill level of its population. This OECD Economic Survey makes recommendations for a well balanced combination of further strengthened macroeconomic policy settings, decisive improvements in the business environment, including determined efforts to reduce corruption and strengthen the rule of law, and increasing energy efficiency. Such a combination could generate synergies which will help to accelerate overall convergence and improve living standards for the Russian population.
In recent years Russian leaders have increasingly emphasised the importance of modernising the economy, stressing the need to reduce the dependence on oil revenues and diversify the economy. The process of accession to the OECD dovetails closely with this agenda. The accession process provides a useful opportunity to take stock of the evolution of convergence, identifying both progress and areas where the gaps are still large and thus where peer review and drawing on OECD experience may be particularly useful.
One area where the gap with OECD countries has remained very wide is the business climate. Russia scores poorly on a range of indicators of the business environment. State involvement in the economy is pervasive, corruption endemic, the rule of law weak, and the foreign trade and investment regimes relatively restrictive. These deficiencies are reflected in low levels of competition, sluggish innovation, low investment and a greater dependence on natural resource extraction than would otherwise be the case. Although on a number of fronts improvements can be discerned, there is a need for further policy action and reinforced implementation efforts in many areas, including cutting red tape, privatisation, judicial reforms, eliminating corporate subsidies and liberalising the international trade and investment regimes.
Key Topics Covered:
- Basic statistics of the Russian Federation
- Executive summary
- Assessment and recommendations
- Modernisation of the Russian economy how full is the glass?
- Improving the business climate
- Strengthening the fiscal framework to enhance resilience to external shocks and safeguard sustainability
- Moving to a new framework for monetary policy
- Increasing energy efficiency as a means to achieve greener growth
For more information visit http://www.researchandmarkets.com/research/fe570e/oecd_economic_surv