Can Russia Complete?

Desai, Raj M. ; Goldberg, Itzhak

Washington, DC:Brookings Institution Press

关键词: ACCESS TO INFORMATION;    ACCOUNTING;    ADMINISTRATIVE COSTS;    ADMINISTRATIVE PROCEDURES;    AGRICULTURE;   

DOI  :  10.1596/978-0-8157-1831-4
RP-ID  :  79450

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Russian economy has been growing at anaverage nominal rate of 6 percent annually for the pastdecade. Among the most important factors contributing to itsexpansion has been the skyrocketing cost of oil and gas. In2000, when Vladimir Putin took office, the cost of oil wasapproximately $20 a barrel; at the end of his term, it wasfive times higher. Meanwhile, the competitiveness of Russianenterprises has become increasingly fragile because of theappreciating ruble, climbing resource prices, and risingwages as well as the exhaustion of Russia's excessindustrial capacity. Observers have called for Russianauthorities to take measures to counterbalance thenation's increasing economic dependence on naturalresources. Economic diversification can cover a wide numberof issues and involve many challenges, includingentrepreneurship, foreign investment, regional development,and physical infrastructure. In Russia's case, it comesdown to one thing: ensuring that the manufacturing sectorcan compete in the global economy. Russian competitivenesswill not depend on centralized, top-down efforts to pickwinners but on broader policy measures designed both toimprove the investment climate-which affects firms'incentives to invest productively and create jobs-and todevelop a more competitive, knowledge-based economy. Russianauthorities are seeking to address many of thecountry's most important developmental challenges.Economic diversification will require reducing investmentrisks induced by national and regional policies and loweringbarriers to entry for newer, more dynamic, and innovativefirms, specifically by facilitating transfer of land frommunicipalities and from older, loss-making firms. It alsowill require greater inclusiveness in government decisionmaking, more transparency regarding government decisionmaking, and stable legislation at all levels of government.This book quantifies and benchmarks the relative strengthsof Russian manufacturing and identifies opportunities toincrease its productivity and competitiveness. This volumefocuses on the challenges now facing enterprises in Russia,highlighting sources of productivity growth andcompetitiveness within enterprises, including technologicalprogress (knowledge absorption and innovation), workerskills, and the investment climate. After the 1998 crisis,as gross domestic product rebounded, investment accelerated,and foreign direct investment increased dramatically,Russia's recovery surpassed expectations. Yet, a closerlook at national accounts reveals that much of that shifthas produced relative price increases in (non-tradable)services and full capacity utilization inindustry-indicators more characteristic of a resourcedependent economy than of successful industrial diversification.