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Yalta International Economic Forum Information portal

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3 April '17

YIEF will help work out a strategy for speeding up Russia’s economic growth

Leading Russian economists and experts will discuss Russia’s economic growth strategies at the panel “Russian Economy: Search for Internal Resources” as part of the Third Yalta International Economic Forum on 20–22 April.

The moderator will be financial analyst and RBC channel presenter Elena Khrupova. Taking part in the discussion will be Russian and foreign experts, representatives of federal and regional government bodies and of the business community. Sitting on the panel will be representatives of Delovaya Rossiya, the Russian Union of Industrialists and Entrepreneurs, the Chamber of Commerce and Industry, and Opora Rossii, who will set forth their proposals for speeding up economic growth in 2017–2025. One of the key speakers will be Boris Titov, the Presidential Commissioner for Entrepreneurs' Rights.

The aim of the panel discussion is to determine the strategic set of business measures for fulfilling the task set by the Russian President of bringing the rate of Russia’s economic development to a level above the world average.

Boris Titov thinks increased investment is one driver of economic growth. He is sure that Russia has the potential for economic growth at a rate higher than the world average, small and medium-sized businesses being the sources of such growth.

“Most of the economic development programmes proposed today would first curb inflation and implement structural reforms before addressing the problem of growth”, Boris Titov explains. “The risk-to-gain ratio for investment projects in Russia has, in recent years, become so unfavourable that investing in Russia makes no sense. While five years ago, the average payback period of a project was 5–7 years, today it is 10–15 years. In this situation, institutional problems are not so important. We propose not to wait 25 years until things get right but to stimulate growth now. To use a range of instruments to boost the economy, to restore investor interest in it before launching structural reforms in a freer and more attractive environment.

“The general concept of the comprehensive plan for Russia’s development up to 2025 will be ready by May”, said Igor Shuvalov, First Deputy Prime Minister. “To work out a successful growth strategy for the Russian economy, we need to look at it from all sides and get proposals from all the stakeholders in the economic process, including business”, believes Elena Khrupova, the moderator of ‘The Russian Economy: Search for Internal Resources’ panel. “The discussion involving representatives of the Big Four business associations will help reveal the business community’s view of the growth points in the Russian economy and its potential, and formulate a comprehensive approach by the business community to the strategy of accelerating the growth of the Russian economy.”

The organisers of the panel discussion note that a medium-term programme of Russia’s economic development up to 2025 called Growth Strategy already exists. Today, the Ministry for Economic Development is drawing up a Comprehensive Government Action Plan aimed at ensuring an economic growth rate exceeding the world average by 2019.

The Centre for Strategic Developments headed by Alexei Kudrin is one of the teams working on a version of the Strategy. None of the Strategies developed so far or in the process of being developed can be implemented without consolidated support and a pooling of efforts by all social strata.

President Putin set the task of achieving a higher-than-world-average economic growth rate in December 2016 in his Address to the Federal Assembly and, at the March congress of the Russian Union of Industrialists and Entrepreneurs, he set the deadline for this: 2020. “Now that the period of economic adaptation to the new conditions has been practically completed, these are emerging as the key tasks”, Vladimir Putin stressed, recalling that the RF Government was in the final stages of working out a plan to boost Russia’s economic growth rate to 2025. First Deputy Prime Minister Igor Shuvalov added that the general concept of the comprehensive plan for Russia’s development up to 2025 would be formulated in May. Details of the Government Programme for stimulating Russia’s economic growth will be finalised in October–November 2017. Prime Minister Dmitry Medvedev has already presented several key elements of the plan, one of the main tasks in the period up to 2025 being to ensure stable macroeconomic dynamics and a system of tax payments. Another block of measures is to increase efficiency in the employment sphere. The third and most important task, according to Dmitry Medvedev, is to create a smart economy that draws on the nation’s intellectual potential, scientific and technological achievements.

 

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