Russian Federation : From Transition to Development, A Country Economic Memorandum for the Russian Federation
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Washington, DC
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The purpose of this Country Economic Memorandum (CEM) is to assess the extent of structural change in the Russian Federation, and its contribution to long-term growth - a prerequisite for meeting the government's ambitious economic objectives. The report starts with the hypothesis that Russia's economy is still "in transition," with further scope to boost growth by reallocating existing resources and restructuring existing production processes. Structural change therefore is a powerful determinant of Russia's medium-term growth and long-term prospects. There are other contributors to growth, most notably, the role that high hydrocarbon prices have played in Russia's rapid recovery from the 1998 crisis. In order to separate the role of structural change from other growth determinants as clearly as possible (without denying mutual influences and feedback loops), Part B of the report analyzes the determinants of growth, other than structural change, that have been important in Russia since the crisis.
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ADVERSE EFFECTS, ADVERSE IMPACTS, AGRICULTURE, ASSETS, BANKING SECTOR, BANKS, BENCHMARK, BENCHMARKING, BENCHMARKS, BUDGET CONSTRAINTS, CARTELS, CENTRAL PLANNING, CLIMATE, COLLUSION, COMPETITION POLICY, COMPETITIVENESS, CONSOLIDATION, CONSUMERS, CROWDING OUT, DEMOGRAPHICS, DEPRECIATION, DEVALUATION, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC OBJECTIVES, ECONOMIC PERFORMANCE, ECONOMIC REFORM, ECONOMIC STRUCTURE, EMPLOYMENT, EQUILIBRIUM, EXCHANGE RATE, EXPORTS, FINANCIAL SECTOR, GDP, GOVERNMENT EXPENDITURES, GOVERNMENT INTERVENTION, GROWTH RATE, HARD BUDGET CONSTRAINTS, HORIZONTAL INTEGRATION, IDLE CAPACITY, INCOME, INDUSTRIALIZATION, INFLATION, INSURANCE, INTEREST RATES, LABOR PRODUCTIVITY, LARGE CITIES, LEGISLATION, LEVEL PLAYING FIELD, LIQUIDITY, MACROECONOMICS, MARKET ECONOMIES, MERGERS, MIGRATION, OIL, OIL PRICES, PER CAPITA INCOME, PER CAPITA INCOMES, POLICY MAKERS, PRICE CHANGES, PRICE INCREASES, PRIVATE PROPERTY, PRIVATE SECTOR, PRIVATIZATION, PRODUCT MARKETS, PRODUCTION PROCESSES, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROFITABILITY, PROPERTY RIGHTS, PUBLIC SECTOR, REAL GDP, REAL SECTOR, REAL WAGE RATES, REAL WAGES, SAFETY, SAFETY NETS, STATE INTERVENTION, STRUCTURAL CHANGE, TIME SERIES, TOTAL FACTOR PRODUCTIVITY, TRANSACTION COSTS, TRANSFER PAYMENTS, TRANSPORT, URBANIZATION, VALUE ADDED, WAGE RATES, WTO