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No WP/14/148.
World Bank (2014). Russia Economic Report No 31. Washington.

A New Growth Model for the Russian Economy

Alexey Kudrin1, Evsey Gurvich2,*
Authors affiliation: 1 St. Petersburg State University (St. Petersburg, Russia);
2
Economic Expert Group (Moscow, Russia).
*Corresponding author, email: egurvich@eeg.ru.

The recent slowdown of the Russian economy has fundamental roots and
cannot be overcome by simple measures like alleviation of monetary or fiscal
policy. The major impediment to growth is marked weakness of the market
environment, explained primarily with dominance of state-owned and quasi-state
companies. Strong incentives for efforts to enhance efficiency by both business
and public administration are required. The key objectives of policies needed to
develop anew growth model are listed.
Keywords: growth model, oil and gas revenues, soft budget constraints,
incentives for growth.
JEL: E6, H11, O1, O4, P4.

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