Russia Needs Investment Boom
OREANDA-NEWS. Russia should reduce dependence of the budget from the world conjuncture of oil prices, and also provide a gain of investments, to keep high rates of economic growth, is written in the next review of the Organization of economic cooperation and development about Russia.
According to Reuter, so far the growth of economy that showed a mid-annual gain of gross domestic product at the rate of 6,7 % during the last 6 years, is provided basically by "short-term" factors, and a goal of authorities will be maintenance of boom of investments from internal sources and development of innovations.
The report which volume exceeds 200 pages reads that today the basic call of the Russian macroeconomic policy becomes reasonable management of super-incomes of the raw goods, which uncontrollable injection in economy is capable to disperse inflation and lower competitiveness of the Russian manufacturers.
The review goes that the main tool of decrease in inflation and simultaneous prevention of too fast strengthening of rouble still is the fiscal policy.
Alarms of the Organization of economic cooperation and development concerning the economic future of Russia coincide with the basic care of local economists, who repeatedly recognized that the primary goal of authorities during this period is correct distribution of oil incomes and leaving from temptation to use them on increase in charges.
"In spite of the fact that the economy of the Russian Federation continues to grow at high enough rates, the major factors providing this growth have short-term character", the report goes.
The Russian manufacturers have practically settled the competitive advantages received after crisis of 1998 due to devaluation of rouble. Besides, seems that the Russian Federation still had few opportunities for the further escalating of manufacture without modernization of funds that rests against the issue of investments.
Analysts of the Organization of economic cooperation and development consider that the effect from rise in prices on raw goods will inevitably weaken adapting to new conditions of trade economy even if the oil prices remain high.
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