WB reveals conditions for Russian economy growth

08:28, 17 December 2020
WB reveals conditions for Russian economy growth Photo: Nikolay Gyngazov/Global Look Press

The growth of the Russian economy is possible with a revision of the import substitution policy, support for the service sector, and the creation of a national institution to attract investment, according to the WB’s recommendations.

Western experts are confident that Russia should lower import duties, abandon outdated technical regulation rules, and pay special attention to the rights of investors and their protection. Reducing import duties will facilitate access to high-quality resources and reduce the time spent on customs clearance procedures, Izvestia newspaper reports.

For now, Russia cannot demonstrate full involvement in international trade and the network of foreign direct investment. But this only means that the country has untapped potential, experts are sure.

The implementation of the WB recommendation brings many advantages for the Russian Federation. This will allow achieving national goals, diversifying the economy, increasing gross product, and benefits from traditional trade.

The WB predicts an increase in oil price in 2021 to $44 per barrel compared to the forecast price of 2020, equal to $41 per barrel, reported earlier.