On January 12, 2017 on the sidelines of the Gaidar Economic Forum “Russia and the World: the choice of priorities” the World Bank report “Russian Federation – a comprehensive diagnostic study of the economy: towards inclusive economic growth” was presented. The report was prepared by experts of the World Bank Group in close consultation with numerous partners, including representatives of the federal and regional authorities, academia and think tanks, business community, non-governmental organizations.
The relevance of the report is associated with the current efforts of Russian Government to formulate a new approach to economic growth for the country and make it sustainable and inclusive character in the long term. The report analyzes the key factors affecting the growth of productivity, such as the continuing shortcomings of the investment climate, insufficient degree of competition, the tangible and intangible obstacles to infrastructural connectivity, the relatively low innovation potential of enterprises and the gap between available skills and the demand at the labor market.
It also covers the possibilities for further strengthening the human capital in Russia by improving health of the population, as well as the quality and relevance of education. Finally, the report identifies three necessary conditions to achieve higher rates of economic growth: improving governance, budget reform and more efficient use of the rich natural resources of the country. The report is focused on the diagnosis, but it also presents some recommendations to assist in the removal of the limiting factors mentioned above.
EGSG experts participated in the discussions of research results.