Kudrin spoke about the stagnation of the Russian economy

The head of the Russian accounts chamber, former Finance Minister Alexei Kudrin called the stagnant economic life of the country. “If you fulfilled the official forecast of this year and we’ll fall about 5% of GDP, over the last 10 years, including this year, the average rate of growth of our economy will be just 1%. It is very small, it is historically a little to over the decade so we had little growing up. We have grown by 1990 only 30%. This, of course, not so much for world economy, for our history. Of course, Russia may have the pace and 3% and 5%. And we have large reserves. Steps which I partially called, can significantly raise the potential for economic growth in our country. And despite the fact that we’re talking about that there’s a lot of years, unfortunately, decisions are not taken in this sense. Unfortunately, we stand today, we are at a standstill,” — said the head of the SP on the 11th Honorary lecture on economic policy in memory of Yegor Gaidar. The lack of sufficient structural and institutional reforms became the main reason of deceleration of the economy, Kudrin said. To reduce the economy’s dependence on oil exports is needed, he said, to increase investments in human capital. “[If] we now have to go away more decisively from the oil economy, from oil dependence, the investment in human capital, in education, science and innovation we need much more. Our assessment was that this must be done at 1% of GDP in the next 2-3 years at least more. Moreover, this state must first generate these investments, then the private sector will invest their money,” he said. Kudrin noted that the health sector needs to invest about 1% more to achieve a normal quality of life. According to the head of the audit chamber, Russia’s very low quality of governance and high levels of regulatory burden. “Therefore there is in need of reform and strategic management, and personnel and their preparation forand, motivation, professionalism, of course, the authority, the functions of the state require revision. I hope, in the framework of digitalization partially this will be done, give up unnecessary control. Takes approximately two times to reduce the regulatory burden and regulatory burden on our economy. We need more freedom, to mobilize the enterprise”, — said the chief auditor of the country.

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