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Prospects of Economic Policy

Перспективы экономической политики

Oreshkin, Maxim (Орешкин, Максим) ()
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Oreshkin, Maxim (Орешкин, Максим): Ministry of Economic Development of the Russian Federation

Economic Policy, 2018, vol. 3, 8-27

Abstract: This article discusses the current challenges facing the Russian economy and the main tasks that have to be accomplished in order to achieve the goals set by the May Decrees of the President of the Russian Federation. The author emphasizes that ensuring the rates of Russia’s economic growth above the world average rates within the next six years is possible provided that a whole set of interrelated measures is developed and implemented. These measures include, most importantly, mitigation of unfavorable demographic conditions through reducing structural unemployment, increasing life expectancy, and migration policy. At the same time, the article notes that an increase in labor supply implies improving the living standards of the Russian population as well as favorable conditions for development and realization of human potential. These conditions include developed modern infrastructure, education and healthcare system, raising ecological standards etc. Achieving a high level of development and sustainable long-term growth rates is impossible without increasing the volume and quality of investments (primarily in the non-petroleum sector of the economy). In turn, attracting investments presupposes the formation of a diversified economy with predominance of high-tech industries in its structure, which would allow Russia to accumulate know-how and export complex products requiring high level of human capital in the future, thereby improving the country’s competitiveness in global markets. A qualitative change in the investment structure requires favorable investment climate and conditions for competition, effective state management etc. Thus, the implementation of the entire set of measures mentioned above will ensure a dynamic and balanced development of the Russian economy and, therefore, sustainable long-term growth.

Keywords: economic policy; economic growth; demography; total factor productivity; investment; infrastructure. (search for similar items in EconPapers)
JEL-codes: E60 E61 O10 O20 O40 (search for similar items in EconPapers)
Date: 2018
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