Russia's economy on the verge of stagnation
09.07.2013 4600

Russia's economy on the verge of stagnation

The degree of workload of the Russian economy is close to the limit and it does not have resources for further growth today, experts say in a round table discussion on the prospects for Russia's economic development.

Commenting on the three lines of efforts declared by the new Minister of Economics Alexei Ulyukaev to revitalize the economy (non-resource exports, growth in consumer demand, increasing investment), experts noted that there are very few conditions in today's Russia to implement these tasks.

As the chief economist of AFK Sistema Yevgeny Nadorshin said, further capacity building is possible, but hardly effective. In the coming years, unless serious measures are taken, the country will stagnate with GDP growth rates from + 1% to -1%. According to him, production needs investment, but neither the state nor the private sector is ready to take on this function and be responsible for the results. The expert believes that the state, as a more active player, is obliged to take a risk and start supporting business, otherwise the consequences for the economy will be dire.

Valery Mironov, Deputy Director of the Center for Development Institute of the Research Institute of the Higher School of Economics, is sure that to improve the situation with investments in production, a reform of the public sector is necessary, namely, the nationalization of state-owned companies, since at present they do not perform their functions and, according to the Ministry of Economy, regularly thwart investment plans. The expert also spoke in favor of expanding domestic demand and weakening the ruble by 10%.

According to Vladimir Salnikov, Deputy General Director of the Center for Macroeconomic Analysis and Short-Range Forecasting, labor productivity is relatively good in the real sector of the economy, it has shown slight growth over the past year, but still remains 2-8 times lower than in developed countries . This is largely due to outdated facilities, whose average age is 18 years.

A positive point, says Maxim Safonov, associate professor of RANEPA, is that the necessary business support institutions have already been created in Russia (the Direct Investment Fund, the Small Business Development Bank and others), but their work efficiency leaves much to be desired.

Experts agreed that there is no reason to expect significant growth in the near future. Yevgeny Nadorshin believes that the authors of the 2014-2016 budget cannot come to terms with economic realities and include in the main financial document an indicator of GDP growth in 2014 at the level of 3,7% in the hope that the existing problems will "resolve themselves." According to the expert, there are very few grounds for such hopes, and therefore the draft budget should be revised taking into account real indicators.

The degree of workload of the Russian economy is close to the limit and today it does not have the resources for further growth, experts say at the round table on the prospects of the economic ...
5
1
Rating

Latest News

Birkenstock reimagines Zurich sandals

German footwear brand Birkenstock has decided to redesign the Zürich sandal model, sixty years after the silhouette was released on sale. The updated version of the model was called “Zürich…
27.02.2024 134

Milan's Lineapelle noted an increase in attendance

The international leather exhibition Lineapelle, held in Milan in February, attracted 25 professional buyers who came from around the world. Organizers note an increase in attendance at the event compared to last year’s two…
26.02.2024 117

Moscow Fashion Week starts this week

Moscow Fashion Week will be held in the Russian capital from March 1 to 8 at two venues - in the Manege Central Exhibition Hall and in Pavilion No. 75 at VDNH - one of the spaces of the International Exhibition and Forum...
26.02.2024 237

Global footwear consumption will grow by 9,5% in 2024

In the weekly analytical review of World Footwear, “Study of the conditions of the global footwear business,” experts predict an increase in footwear consumption in the world in pairs by 2024% year-on-year for 9,5. The analytical review was compiled based on the results…
26.02.2024 268

The MICAM exhibition took place in Milan

In February, Milan hosted four major exhibitions dedicated to fashion, footwear and accessories. MICAM Milano, MIPEL, The One Milano and Milano Fashion&Jewels in total attracted 40 visitors from 821 countries, writes…
25.02.2024 252
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning