15/01/2014 – The Russian Federation’s financial system is rising, however additional reforms are wanted to bolster future development, enhance the enterprise local weather and strengthen innovation, based on the OECD.
The OECD Financial Survey of Russia, introduced by OECD Secretary-Common Angel Gurría to First Deputy Prime Minister Igor Shuvalov throughout a particular panel of the Gaidar Discussion board in Moscow right this moment, underscores the significance of creating the financial system much less depending on fluctuations of world market costs for pure sources, rising productiveness, and higher matching expertise to jobs. It additionally calls on the Russian Federation to deal with inter-regional inequality, an space the place progress has been gradual within the final decade.
“The Russian financial system is at a crossroads,” stated OECD Secretary-Common Angel Gurría. “It has large potential however continues to be closely reliant on unstable revenues from pure sources. It might do properly to speculate extra in infrastructure, human capital and innovation, in order that bigger segments of society can partake in Russia’s transformation.” (Learn the complete speech)
15/01/2014 (Moscow) – OECD Secretary-Common Angel Gurría and Igor Shuvalov, First Deputy Prime Minister of Russia
The Survey signifies that the Russian Federation is doing properly on numerous fronts however that future development is being held again by poor governance and rule of regulation points. Productiveness and residing requirements are additionally nonetheless properly under these of probably the most superior market‑oriented international locations, and the velocity of convergence for the reason that disaster has stalled.
Establishing a clear, coherent and predictable enterprise local weather would assist chart a path for stronger development. The Survey urges sustained and efficient anti-corruption measures, higher judicial independence, and a discount in obstacles to market entry and competitors. Accelerating privatisation that’s well-managed ought to go hand in hand with fostering a degree enjoying area between private and non-private firms.
The OECD encourages tackling transport bottlenecks by enhancing the effectivity of infrastructure spending, selling competitors within the transport sector and making certain higher coverage coordination to handle city transport challenges.
In the case of innovation and integrating Russia into world worth chains, the Survey recommends broad‑primarily based assist for the adoption of latest applied sciences, together with these past the high-tech sector, notably to enhance vitality effectivity. It additionally urges finalizing public R&D sector reform.
The Russian Federation has one of many highest shares of tertiary educated inhabitants on this planet, however the schooling system has had difficulties supplying the right combination of expertise for employers. Elevated academic spending ought to be a precedence, particularly in poorer areas, and restructuring of vocational and better schooling establishments ought to proceed, enhancing curricula and hyperlinks with enterprise.
The Russian labour market could be very versatile. This helps to attain low unemployment, however extreme labour turnover limits incentives to spend money on human capital, which thwarts financial development and may result in increased inequalities. The Survey encourages extra balanced dialogue between employers and labour, in addition to strengthening lifelong studying, activation programmes and momentary earnings assist.
The OECD recommends limiting ageing‑associated spending will increase. It suggests elevating girls’s retirement age to the identical as males’s and rising each consistent with rising life expectancy whereas implementing different measures to extend the efficient retirement age. Concurrently enhancing the stability between work and household commitments and creating extra profession alternatives within the office may contribute to a discount of the gender pay hole and will assist normalize demographic developments.
The Survey was drawn up and revealed within the context of ongoing discussions on the Russian Federation’s potential accession to the OECD. The OECD accession course of covers various coverage areas together with funding, atmosphere, anti-corruption, company governance, scientific and technological coverage and public governance.
The OECD Council at Ministerial degree adopted a decision on 16 Could 2007 to open discussions with the Russian Federation for its membership of the Organisation. On 30 November 2007, the OECD Council authorized the ‘roadmap to accession’ for the Russian Federation. The roadmap describes the phrases, situations and strategy of accession, and it lists the coverage critiques to be undertaken by OECD technical Committees.
The OECD has been co-operating with the Russian Federation since 1992. The Russian Federation takes half in a number of OECD committees and dealing teams and participates in conferences of the OECD World Boards in addition to in regional actions involving non-OECD international locations in Europe. Russian Ministers additionally take part in Ministerial Council Assembly dialogue periods with non-OECD economies.
Learn extra concerning the Russian Federation and the OECD.
Additional data on the OECD Financial Survey of the Russian Federation is offered at www.oecd.org/financial system/economic-survey-russian-federation.htm.
Journalists searching for additional data ought to contact the OECD Media Division: firstname.lastname@example.org, +33 1 45 24 97 00.
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